Thread: DAILY TECHNICAL OUTLOOK ON USD/CHF by AceTrader

Updating time : 23/11/2007 00:35 GMT

USD/CHF - 1.1010... Although the greenback recovered after marginal fall to 1.1005 in y'day's European session, the pair met renewed selling at 1.1041 n fell again later in the day on dlr's broad-based weakness.

Today, dlr's downtrend is expected to bring a test of psychological sup at 1.1000 n below wud extend to 1.0971 (61.8% proj. of 1.1202-1.1025 fm 1.1080), however, bullish convergences on hourly oscillators shud prevent further sharp fall below there n reckon 1.0934 (1.618 ext. of 1.2216-1.1622 fm 1.1895) wud contain downside n yield a much-needed correction later.

Therefore, whilst selling on recovery is favoured, one can also venture long on next decline in anticipation of a subsequent rebound twds 1.1080 but the greenback is likely to falter below 1.1115.

Only abv 1.1145 (prev. sup) wud indicate a temp. low has been formed n correction to 1.1175, then 1.1202 wud follow.

Below 1.0934 wud risk marginal weakness to 1.0900 but 1.0863 (61.8% proj. of 1.1895-1.1188 fm 1.1300) shud hold fm here...

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