Updating time : 04/06/2008 00:59 GMT

USD/CHF - 1.0425... Although the pair fell sharply fm Asian morning high of 1.0388 to an intra-day low of 1.0274 due to dlr's broad-based weakness in early European morning session, short covering buying lifted the buck n then subsequent pro-dlr comment by Fed's Bernanke helped the buck to rally to 1.0490 b4 retreating briefly to 1.0388 as weakness in U.S. stocks (Dow down 100 points) prompted cross buying of chf.

As mentioned previously, there seems to be no end to recent volatile broad sideways move as the choppy price action fm last month's high at1.0625 is unfolding into a 'triangle' (a-leg at 1.0216, b-leg at 1.0528 n c-leg trough at y'day's 1.0274 low). Although y'day's rally suggests consolidation with upside bias is in store today, a daily close abv res at 1.0528 is needed to signal an 'upside break' has finally occured n bring re-test of 1.0625 next week.

Therefore, whilst trading fm long side for marginal rise abv said y'day's top is favoured, profit shud be taken on intra-day upmove. On the downside, only below 1.0357 (62% r of 1.0274-1.0490) wud defer bullishness n risk 1.0300/10...



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