Forex: USD/CHF: Dollar weakens further and tests 1.0895 level

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Published: Fri, 22 May 2009 10:06:00 +0200

Forex: USD/CHF: Dollar weakens further and tests 1.0895 level

FXstreet.com (Barcelona) - The Dollar continues depreciating against the Swiss Franc, decline from 1.1265 intra-week high ion May 18 has extended to test 1.0895 support level on Friday's European session.

According to Rajoo C, technical analyst at Charmer Charts, the Dollar could dip further today: "Hourly Trend is Sideways Down and Daily Trend is also Sideways Down, so expect the price to make lower lows but the downside may be limited. The patterns are suggesting a price projection of 10780 or even 10665 max expect the price to reverse any time before that level. We prefer to be Sidelined, look to turn long if 10780 is seen."

Support levels, below the mentioned 1.0895, lie at 1.0860 (jan 8 low) and 1.0820. On the upside, a potential rebound could find resistances at 1.0960/70, and above there, 1.1030 and 1.1055 (May 21 high).

By Fxstreet.com

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