USD/CHF

Resistance 3:  1.0500
Resistance 2:  1.0480
Resistance 1:  1.0450
Latest New York:  1.0355
Support 1:  1.0320/30
Support 2:  1.0300
Support 3:  1.0270/80

Other Things to Watch/Open Trades/News

4-29-08 SHORT USD/CHF 1.0380 Stops @ 1.0480

Look to add to positions on a drop under the 1.0300 handle later in the week

Comments

Rate clears stops above near-term resistance. Rate dropping back from top of range; look for a sell-off from here but news is needed. FOMC provided the impetus, pullback was bought after the fix on Tuesday again and the rate tested the 104.30/40 area for the failure.

Test of the lower range now expected if rate can attract some momentum.

Expect a bounce from 1.0250 now so be nimble though as a break below there likely to draw aggressive selling. Rate has set up to attract dip buying so we need to see if that will continue on the next pullback. Need a failure at 1.0420 near-term to hold short in my view. No follow-through is to be respected; look for offers to show up higher than the1.0400 handle now that the bounce followed through higher.

Data due Thursday: All times EASTERN (-5 GMT)

None

Forex Analysis by Jason Alan Jankovsky at ForexPros.com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check http://www.forexpros.com/