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CHF/USD Fundamental Outlook at 1500 GMT (EST + 0500)

CHF/USD Fundamental Outlook at 1500 GMT (EST + 0500)
22 Jul, 2008 @ 01:41 pm EST
GCI Financial Ltd.
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The Swiss franc depreciated vis--vis the U.S. dollar today as the greenback tested offers around the CHF 1.0295 level and was supported around the CHF 1.0135 level. Technically, todays intraday low was right around the 50% retracement of the move from CHF 0.9625 to CHF 1.0625. Data released in Switzerland saw its trade surplus print at a new all-time high, up to CHF 2.41 billion from CHF 1.87 billion in May. U.S. dollar offers are cited around the CHF 1.0395 level. The euro and British pound moved higher vis--vis the Swiss franc as the crosses tested offers around the CHF 1.6250 and CHF 2.0510 levels, respectively.

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