Wed, 28 Jul 2010 16:00:00 +0200

Forex: USD/CHF peels back to 1.0550, intra-day low

FXstreet.com (Barcelona) - The Swissy was lifted up against the Greenback at the US opening bell, aiming to pare part of yesterday's losses, after the pair rose over 120 pips from 1.0482 to 1.0602 on Tuesday. Current price settles at 1.0557, a 0.44% lower than previous close.

The pair accelerated to the downside over the past hour, after breaching intra-day support at 1.0570 area. Once CHF got full clearance, bears came in reinstating short positions to drag the price lower, posting a new intra-day low at 1.0550.

“Firmer Swiss Franc is pushing the cross back to the 1.0550 key level. Pair should regain the upside for there, otherwise, bearish momentum will come back turning yesterday break higher a fake one. Hourly indicators are quite bearish right now, so chances are to the downside for current American session” said Valeria Bednarik, Independent Analyst at FXstreet.com.

Technical Analysis (2010-07-28 13:30 GMT)
USD/CHF 1.0565/1.0566 - O: 1.0426 H: 1.0437 L: 1.0425 C: 1.043
Trend	R3: 1.0641
	R2: 1.0614
	R1: 1.0588
	S1: 1.0517
	S2: 1.0544
	S3: 1.0570