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Tuesday, December 05, 2006

USD/CHF: Franc Rallies As Buy Orders Are Triggered]

Buy orders for the Swiss Franc have been triggered in both the break below 1.1900 in USD/CHF & 1.5890 in EUR/CHF. Into the US data and the 1.1900 option talk was quickly consigned to history and stop/loss orders below the figure removed.

These sell-stops helped force trading to a fresh session (and 19 month low) at 1.1883 and in conjunction with the EUR/CHF weakness the move looks to have tipped the Franc over the edge. EUR/CHF broke below 1.5900 earlier in the day but the post-US data push lower, as the CHF outpaced the single currency, helped trigger the sub-1.5880 stops.

Trading here 1.5873 but with the stops in both removed the pairs are now looking to consolidate the runs lower. As a result, we are looking for USD/CHF to consolidate the break into the 1.18's with offers now seen into 1.1900/05 & 1.1920/25 attempting to curb a bounce while EUR/CHF steadies before casting an eye to 1.5850.

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