by Fri, 27 May 2011 05:58:00 +0200
Forex: CHF spikes against major rivals
FXstreet.com (California) - CHF is demonstrating an impressive show of force against the US dollar and its European counterparts during the Asian trade. USD/CHF has just broken below the 0.8551 level of support to hit a new session, and all-time low, of 0.8531.
“We are currently trading below the previous record low at .8550 and it would take a very brave person indeed to start buying this pair,” comments Sean Lee, Editor at ForexLive. “We contrarians may have to wait a long while for this CHF bubble to burst.”
At the time of writing, USD/CHF is quoted at 0.8545, 115 pips below its Asian open. EUR/CHF currently trades 70 pips below its 1.2239 open, while GBP/CHF has broken below 1.4108 support, and now trades in the 1.4050 zone, 140 pips below its starting price.
| Technical Analysis (2011-05-27 03:15 GMT) | |
|---|---|
GBP/CHF 1.4039/1.4042 - O: 1.4236 H: 1.4243 L: 1.4232 C: 1.4241 | |
| Trend | R3: 1.4183 |
 | R2: 1.4147 |
| R1: 1.4112 | |
| S1: 1.3999 | |
| S2: 1.4034 | |
| S3: 1.4069 | |
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