In the news: Today's U.S markets were closed in observance of the U.S holiday; Martin Luther King, Jr. Most of the focus is on tomorrow's presidential inauguration, where president elect Barack Obama will be sworn into presidency. Overnight we did see that Asian and European markets ended the day marginally flat. For the next couple of days all eyes will be on President Barack Obama and how he will handle his first 100 days in office.
In focus today:
USD/CHF: In the new week of trading the Dollar Swiss started the week on a continuing uptrend. We noticed last week the trend for the Usd/Chf was bullish and that has not changed in the first day of trading this week. Although the rising support trend line did break on the downside, the 61.8% Fibonacci retracement level was able to provide good support as we expected it to. Resistance comes in at 1.1417 from the highs of September 11, 2008. Last night the Swiss reported retail sales which came in at -1.4% from a forecast of 1.5%, thus driving the Swiss lower. The pair should remain in a subtle bullish trend for now and with no U.S data tomorrow, we will keep and eye on the Gbp/Chf and Eur/Chf crosses for some intraday direction.