Friday, July 2, 2010
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Forex: USD/CHF on 10-week low, borders 1.0700
Swissy relentlessness to rally down the Greenback continues through the European session on Thursday. A rapid acceleration further down just broke today's low at 1.0708, unwinding further downside exposure.
USD/CHF opened at 1.0774 to quickly extend its downward tendencies through the Asian session. The first bearish spike bottomed at 1.0708 (former daily low), although a corrective run lifted the price towards 1.0766. The approach at higher levels lasted no time as a powerful Swissy drove the pair down again to hit a fresh new 10-week low at 1.0701.
The 4CAST Team commented that “rally attempts should stay capped. Resistance is at 1.0788, with immediately above the band from 1.0791/97 up to 1.0836 and 1.0854. This must
still be cleared, not expected, to reverse the down bias and retest 1.0903. Support is now at 1.0724/10 then 1.0697, with below there 1.0607”.