Updating time : 07/11/2007 01:17 GMT

USD/CHF - 1.1445..Price fell sharply in tandem with renewed dlr's broad-based selloff vs other major currencies (except yen) just ahead of European opening n intra-day decline gathered momentum after penetrating previous sup at 1.1490 (last Friday's low n now res), the greenback subsequently dropped to 1.1422 in NY morning session b4 stabilising.

Current price action indicates as long as 1.1490 holds, MT downtrend shud resume after initial sideways trading in Asia n yield weakness twd 1.1382, being 1.618 times extension of the intermediate fall fm 1.1786-1.1607 measured fm 1.1672, however, similar to euro, as the 15 min. & hourly oscillators' readings wud be displaying 'bullish convergences' on next decline, suggesting present loss of downward momentum shud prevent further steep drop today n reckon 1.1300/10 wud hold fm here (at least until end of the week), yield a much-needed minor correction later today or tomorrow.

A firm rise abv 1.1490 wud signal a temporary low is in place n risk wud increase for a correction twd 1.1557 but res at 1.1640 shud cap upside...

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