The Dollar attempted to consolidate its losses overnight but the news that there has been no clear victor in the race for the upper house, as yet, has kept the USD pressured. Looking ahead, there is little on the event-risk calendar into the North American session.
Dealers see USD/CHF as holding a negative bias while below 1.2500/05 and only a break above this level will see the charts develop a bullish bias. Stops are seen above 1.2525/35 supply with 1.2550 then eyed while on the downside the demand into 1.2440/50 will again be the short-term focus with bears tipped to have a target in the 1.2400 area as their target.
In other news, the SNB today announced that outgoing Board Member Blattner would be replaced by Thomas Jordan. The news itself is seen as little more than an official confirmation of what many had suspected for some time, yet as-ever the "sell on the fact" talk has been instigated. The dynamic of the SNB governing board might be set to undergo a change but their perception of the alpine economy and its potential for 2007 is unlikely to see an alteration.
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