Mon, 04 Oct 2010 10:36:00 +0200

Forex: USD/CHF halts slide at 0.9740

FXstreet.com (Barcelona) - The Swiss franc strengthened in the opening hour of the European session, dragging the USD/CHF down a fresh 50 pips. The pair finally found support around its daily low of 0.9740 before attempting to rebound in most recent trading.

At the moment, the USD/CHF is looking to bounce from its current position at 0.9754 following positive euro-zone fundamental data. According to the live charts from FXstreet, immediate resistance is listed at 0.9792 and 0.9816, while support underneath is placed at 0.9666 and 0.9642.

Slobodan Drvencia of Windsor Brokers Ltd reports: “Extended decline off 1.0181 to post fresh low of 0.9706, ahead of bounce that stalled at 0.9841 on 01 Oct. Fresh weakness looks for retest of 0.9706, break of which to focus 0.9630, all-time low. Upside, 0.9841/76 offer initial resistance and break above the latter to ease bear pressure and open way for stronger correction.”

Technical Analysis (2010-10-04 08:30 GMT)
USD/CHF 0.9749/0.9752 - O: 0.9763 H: 0.9766 L: 0.976 C: 0.9762
Trend	R3: 0.9803
	R2: 0.9778
	R1: 0.9754
	S1: 0.9702
	S2: 0.9727
	S3: 0.9751