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Monday, July 16, 2007

USD/CHF: Back Testing 1.20, 1.1985 Still Key To Lower Levels

As the US Dollar weakens USD/CHF is back testing the 1.20 area but it is not until a clear break below the Friday low at 1.1985 is seen that further downside momentum will be garnered.

Spot has managed to work back from 1.2005 to 1.1995 as EUR/USD gapped up into the 1.3790's but until the Euro pair manages to break back into the 1.38's the Dollar will continue to teeter on the brink.

EUR/CHF is also looking to key support with the 1.6550 area propping the cross on dips lower.

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