USD/CHF - 1.0390...Dlr continued to trade with a firm undertone y'day and rallied to a one-month peak at 1.0401 on the back of improved confidence in the U.S. financial sector due to a U.S. government rescue plan and another fall in oil prices.
Y'day's rally signals the upmove fm last week's low at 1.0011 to retrace recent decline fm 1.0625 remains in progress n further gain twds 1.0445/50 (70.7%r 1.0625-1.0011 n res) is envisaged after consolidation, however, as hourly oscillators are likely to display bearish divergences on such rise, reckon upside wud be capped below res at 1.0494 n yield a retreat later today. We will stand aside for now but readers shud keep an eye out for any special daily updates.
On the downside, below 1.0335 (prev. res, now sup) wud signal a temp. top has been formed n yield retrace. twds 1.0292/00 (y'day's low n 38% r of 1.0137-1.0401, adjust if necessary) but reckon 1.0259 (July 17 high) shud remain intact...
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