Sunday 7 November 2010

Forex: USD/CHF, capped at 0.9640, back to previous range (Barcelona) - Dollar rally witnessed after Non Farm payrolls has been short lived, as the pair, capped at 0.9640 session high has pulled back returning to previous trading range, between 0.9550 and 0.9600.

The pair is trading at the moment at 0.9570, with next support levels at 0.9550/55 (session lows), and below here, 0.9510 (Daily pivot point S1) and 0.9460 (Oct 14 low). On the upside resistance levels lie at 0.9640 (session high), and above here, 0.9690/00 (Nov 2/3 lows) and then 0.9735 (Nov 4 high).

The pair seems likely to resume its bearish trend, according to Valeria Bednark, technical analyst at "With hourly indicators however still bullish; below 20 SMA now around 0.9590, pair will likely resume its bearish trend, while daily close below 0.9600 should signal fresh historical lows for the upcoming week."

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