USD/Asians managed to hold at the lower levels overnight and dealers cited a lack of central bank intervention as a key factor here. As a result the Dollar has remained soft but profit-taking against core & European currencies has seen the unit rebound slightly into the new week.
USD/CHF has worked above 1.1950, printing a high at 1.1964 thus far, but fresh sellers are seen helping cap. Dealers suggest that further CHF weakness will see a retracement back to the 1.2009 failure high from Friday. However, few opt for this as a short-term strategy at present as the USD is likely to continue to be pressured across the board.
Offers are seen trailing back from 1.1990 while on the downside it is the 1.1925 that acts as the first resistance. The bounce off 1.1901 on Friday has prompted the usual barrier talk with cable trading to 1.9847, also within a few points of a barrier, & EUR/USD close to the 1.3375 structures.
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