Thread: DAILY TECHNICAL OUTLOOK ON USD/CHF by AceTrader

Updating time : 25/10/2007 00:42 GMT

USD/CHF - 1.1729...Although dlr rebounded to 1.1776 y'day in line with the greenback's selloff vs European currencies, price failed to re-test Monday's high at 1.1786 n retreated later in the day to 1.1708 (a weak U.S. existing home sales report also put pressure on dlr) b4 stabilising.

Today, although dlr's retreat fm 1.1876 suggests mild downside bias remains n below 1.1703/08 wud bring a stronger retracement of the rise fm 1.1602 to 1.1672 (61.8% r of 1.1602-1.1786) n possibly 1.1653 (prev. minor res), if our broad 'consolidative' outlook is correct, then this week's low at 1.1602 shud hold on 1st testing n yield further choppy trading. In the event price falls sharply n penetrates this sup, then this wud indicate MT downtrend has finally resumed n extend subsequent weakness to 1.1562 (equality proj. of 1.2469-1.1815 measured fm 1.2216).

On the upside, only abv 1.1776/86 wud signal another corrective rise is under way n further headway to 1.1832/37 (res n 38.2% r of 1.2216-1.1602) but res at 1.1895 shud hold...

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