A slow reaction from a slow Friday USD/CHF market but the soft U.S housing data has finally pushed price out of its 1.2263 to 1.2283 range and brought small profit taking sales into play. The fall to 1.2258 is still insignificant compared with moves seen on the other majors.
Most of the Swiss franc activity has been put through the cross with the CHF again losing ground to the EUR. Spot support remains at 1.2240, May 23 lows, and a very flat 200-day moving average provides the resistance point at 1.2320.
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