Tech Outlook For Usd/chf With Chart Illustration - Forex Forum

Updating time : 19/08/2008 00:36 GMT

USD/CHF - 1.0980...Dlr extended the retreat fm Friday's high at 1.1009
to 1.0910 in Asia y'day b4 staging a rebound due to much weaker-than-expected
Switzerland's retail sales data, however, renewed selling interest on the back
of falling U.S. stocks capped the greenback's rise at 1.1005 and the pair fell
to 1.0946 b4 bouncing again in late U.S. trading.

Y'day's retreat fm 1.1005 suggests further choppy consolidation below
1.1009 (Aug 15 high) wud be seen n as long as said res holds, another fall to
1.0910 is still envisaged, breach there wud confirm a top has indeed been formed
n bring correction of recent upmove to 1.0855/60, however, reckon 1.0825/36
(below 61.8% r of 1.0742-1.1009 at 1.0844) shud limit downside.

In the event price is able to penetrate aforementioned 1.1005/09 res
area, this wud signal the rise fm 2008 record low at 0.9630 to retrace LT
downtrend has resumed n extend gain to 1.1050 (50% r of 1.2469-0.9630) but as
hourly oscillators wud display bearish divergences on such a move, reckon 1.1108
(Feb 13 high) wud cap upside n yield correction later this week...

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