Updating time : 11/12/2007 00:51 GMT

USD/CHF - 1.1281...Dlr penetrated sup at 1.1265/68 in line with the greenback's weakness vs other European currencies n price fell to 1.1236 b4 rebounding later in the day due to renewed active cross selling in chf.

Despite dlr's rebound fm 1.1236, as recent upmove has formed a temp. top last week at 1.1355, consolidation with mild downside bias remains for another corrective fall n below said sup wud extend twds 1.1203 (38.2% r of intermediate rise fm 1.0956-1.1355) but anticipated o/sold condition on hourly oscillators shud limit weakness n yield rebound later today.

Therefore, while selling for intra-day trade is ok, readers shud look to turn long on next decline in expectation of a rebound twd 1.1330/34, break there wud confirm aforesaid rise fm '07 low at 1.0889 to retrace MT downtrend has once again resumed n further headway to 1.1393 (50% r of 1.1895-1.0889) n 1.1422 (prev. sup) wud follow.

Only the downside, only a firm breach of sup at 1.1151 wud risk stronger retracement to 1.1122 (50% r of 1.0889-1.1355) n then 1.1098 but reckon 1.1067 (61.8% r) shud hold...

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