Published: Fri, 03 Jul 2009 11:17:00 +0200

Forex: USD/CHF rises above to 1.0870, recovering initial losses

FXstreet.com (Barcelona) - After falling to test 1.0830 (EMA55 hourly channel) from 1.0880 in the Asian session, USD/CHF has begun to recover its previous losses to post 1.0876 in the European session.Currently the pair is trading around 1.0860/70.

Valeria Bednarik, comments: "While hourly charts suggest some corrections for the next hours, general bias in the pair remains bullish as investors seem reluctant to bet against the SNB and the BIS. Corrections could extend close to 1.0765 where we expect the downside to hold. 20 SMA with a nice bullish slope support the bias upside bias after due correction. Support levels: 1.0840 1.0800 1.0765. Resistance levels: 1.0910 1.0950 1.1010."

By Fxstreet.com

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