FOREX MARKET OUTLOOK FROM ACETRADER - USD/CHF

Monday, January 12, 2004
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN - 106.59

Although Friday`s strong rebound to 108.30 signals a temporary low has been formed at
105.90, subsequent retreat from there suggests a day of consolidation would be seen today
but said support should hold, yield another corrective rebound to 107.70/75, however,
resistance at 108.30 should limit upside...


INTRA-DAY USD/CHF OUTLOOK
(Update at 02:21GMT 2004/01/12)

Although dollar has rebounded after initial brief retreat to 1.2180, as price action from 1.2165
low looks corrective, reckon 1.2245/50 would cap upside, yield resumption of decline for re-
test of said support, then towards 1.2140 but 1.2115/20 should hold..

Hold short, stop at 1.2255, only above 1.2268 would signal temporary low has been
formed...


Rate: 1.2217
Strategy / Entry Level: Hold short
Position: Short at 1.2220
Objective: 1.2170
Stop-Loss: 1.2255
Range Forecast: 1.2195 / 1.2230
Resistance: 1.2230/1.2268/1.2338
Support: 1.2165/1.2120/1.2050



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