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Friday, December 22, 2006

USD/CHF: 1.21/22 To Contain Afternoon Action

Into the North American session and London dealers have just about thrown in the towel and while USD/CHF remains inside a 1.21/22 range the market will see little longer-term significance in the short-term volatility. As a result, spot is pivoting 1.2150 at present with 1.2160/65 offers capping bounces ahead of the early US data.

Bids into 1.2115/20 prop for the moment while 1.2100 is seen as a downside trigger. Against the Euro only a break below 1.60 in EUR/CHF will add momentum to the charts. In other news, have a very merry Christmas and an even merrier New Year.

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