USD/CHF – 1.0832.. Although euro’s strength in Asia y’day had
pressured dlr, price fell to an intra-day low of 1.0715 in European
morning, however, selloff in the euro after German business confidence
fell unexpectedly lifted the pair n intra-day upmove gathered momentum
in NY session after U.S. consumer confidence dropped to a 10-month
low, dlr rallied to 1.0849 b4 stabilising.
Outlook here is similar to euro, y’day’s anticipated strg rebound
signals the correction fm last Friday’s multi-month high of 1.0899 has
ended there n expect initial consolidation b4 bringing a re-test of said
res, a breach there wud encourage for further headway to daily chart
obj. at 1.0935, however, reckon 1.0981, being 50% proj. of the
intermediate rise fm 1.0368-1.0899 measured fm 1.0715 wud cap
intra-day rise n risk is seen for a retracement to occur later.
Today, in view of abv bullish analysis on dlr, buying the buck
again on pullback is favoured for a re-test of 1.0899 1st n only below
1.0766 (61.8% r of 1.0715-1.0849) wud suggest further choppy trading
below 1.0899 wud continue n risk stronger retracement but reckon 1.0715
wud remain intact.
