The USD/CHF rebound has been aided by the generally upbeat Philly Fed quarterly report (Philly Fed - UNEMPLOYMENT RATE TO AVERAGE 4.7 PCT 2007 VS PVS FORECAST OF 4.8 PCT). Consumer confidence fell but still the US unit has elicited more support.
However, renewed sales in USD/CHF into the 1.2500 level are hampering the potential for higher levels into the European close. Should EUR/CHF break above 1.6265 and re-test the historic high at 1.6277 then further Franc weakness will follow, with USD/CHF eyeing 1.2525 back to the 1.2550 offers. Option related sales are still tipped in the Euro cross ahead of potential 1.6280 exotics with confirmed option barriers at 1.6300 and above.
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