Weekly Technical Outlook On Usd/chf By Acetrader - Forex Forum

Updating time : 03/11/2008 00:25 GMT

USD/CHF - 1.1560... Dlr hit a one-year high at 1.1748 last month (Oct 24)
b4 retreating to 1.1200 on active cross buying in chf (the flight to safety led
eur/chf to decline to a record low at 1.4300), however, the greenback rose again
to 1.1688 (Friday's high) as traders covered their short positions n also due to
cross winding (investors found some confidence fm the Fed's rate cut n global
equity markets rebounded).

Dlr's rebound fm 1.1200 suggests correction fm 1.1748 is ended n re-test
of this res is envisaged after consolidation, abv wud confirm uptrend fm this
year's record low at 0.9630 has resumed n further gain to 1.1889/95 (61.8% r of
1.3286-0.9630 n daily res) n 1.1995 (previous sup) but 1.2216 shud cap upside n
n yield retreat later.

On the downside, a breach of 1.1358 wud 'prolong' choppy trading below
1.1748 n bring another fall twds 1.1200/10 (sup n present lvl of 55-day ema) but
break there is needed to signal correction of recent upmove is under way, extend
weakness to 1.1129 n 1.1000 b4 prospect of a rebound...