Updating time : 14/11/2007 00:30 GMT


USD/CHF - 1.1250... Although the greenback re-tested Monday's 1.1300 high y'day b4 Tokyo opening, the pair then retreated after failing to penetrate this lvl, dlr met renewed selling at 1.1283 n dropped to 1.1228 in New York b4 recovering back to 1.1278 this morning in Australia.

The horizontal movements of both fast n slow emas (21-hr n 55-hr) on the hourly chart suggest another day of choppy consolidation is in store n if our view that a temporary low was formed at 1.1188 last week is correct, downside shud be ltd to 1.1216 n dlr is likely to stage another rebound later but break of 1.1300 res is needed to retain bullishness for retracement of recent decline to 1.1353, then twds 1.1380 (50% r of 1.1571-1.1188), however, reckon res at 1.1422 (prev. sup) wud hold fm here.

Therefore, buying dlr on intra-day retreat is still favoured but one shud
book profit on subsequent bounce. Below 1.1188 sup wud extend recent downtrend to 1.1158 (1.618 ext. of 1.2469-1.1815 fm 1.2216) but major chart sup at 1.1105 (historic low made in 1995) wud remain intact...

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