Resistance 3: 1.0500

Resistance 2: 1.0480

Resistance 1: 1.0450

Latest New York: 1.0355

Support 1: 1.0320/30

Support 2: 1.0300

Support 3: 1.0270/80

Other Things to Watch/Open Trades/News

4-29-08 SHORT USD/CHF 1.0380 Stops @ 1.0480

Look to add to positions on a drop under the 1.0300 handle later in the week


Rate clears stops above near-term resistance. Rate dropping back from top of range; look for a sell-off from here but news is needed. FOMC provided the impetus, pullback was bought after the fix on Tuesday again and the rate tested the 104.30/40 area for the failure.

Test of the lower range now expected if rate can attract some momentum.

Expect a bounce from 1.0250 now so be nimble though as a break below there likely to draw aggressive selling. Rate has set up to attract dip buying so we need to see if that will continue on the next pullback. Need a failure at 1.0420 near-term to hold short in my view. No follow-through is to be respected; look for offers to show up higher than the1.0400 handle now that the bounce followed through higher.

Data due Thursday: All times EASTERN (-5 GMT)

Analysis by: written by Jason Alan Jankovsky


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