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: Forexpros.com written by Jason Alan Jankovsky
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