Updating time : 26/11/2007 00:41 GMT

USD/CHF - 1.1033...The dlr fell to a fresh record low at 1.0889 last
Friday (price briefly broke below the lower daily Bollinger band, currently at
1.0943) b4 rebounding strongly to 1.1049 as traders took profit on recent short positions ahead of the weekend n also cross unwinding in chf.

Although dlr's rebound fm 1.0889 suggests a temporary low has been formed n consolidation with upside bias is seen for a retracement twds 1.1095 (50% r of 1.1300-1.0889), reckon 1.1121 (current lvl of the daily Bollinger mid-band) wud limit gain n 1.1177 (prev. sup) wud hold, yield another fall. Only abv 1.1177 wud signal the decline fm 1.1786 (Oct 22) is being corrected n further headway to 1.1232 (38.2% r of 1.1786-1.0889) n possibly twds 1.1300 res wud follow.

On the downside, a firm break below 1.0950 (prev. minor res) wud indicate the correction fm aforesaid low has ended n bring resumption of MT downtrend for re-test of 1.0889 n then 1.0800, however, reckon 1.0707 (2 times ext. of 1.2216-1.1622 fm 1.1895) shud hold fm here due to the o/sold readings on the 13-day rsi n daily stochastics...