Updating time : 29/10/2007 00:32 GMT

USD/CHF - 1.1625...The dlr fell to its lowest since March 2005 at 1.1602 last Monday b4 rebounding to 1.1786, however, price then declined fm there in line with the broad-based selloff in the greenback (active cross selling in chf has limited the pair's downside somewhat).

As price has remained under pressure, suggesting a re-test of last week's low at 1.1602 cannot be ruled out but break is needed to signal MT downtrend has resumed n yield further weakness to 1.1562 (equality proj. of 1.2469-1.1815 fm 1.2216) n possibly twds 1.1528 (61.8% proj. of 1.2216-1.1622 fm 1.1895), however, the bullish convergences on hourly oscillators shud prevent steep fall n reckon 1.1479 (50% proj. of 1.2216-1.1602 fm 1.1786) wud limit downside, yield a correction later.

On the upside, only abv 1.1703/08 (prev. sup) wud confirm low has been formed n retracement twds 1.1776/86 wud follow, however, 1.1832/37 (minor res n 38.2% r of 1.2216-1.1602, adjust latter lvl if necessary) shud hold n bring another fall...