Forex: USD/CHF finds support at 1.0060, but it could reach parity – Kshitij

Tue, Nov 10 2009, 12:25 GMT
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FXstreet.com (Barcelona) – The Dollar's decline from 1.0110 against the Swissy in the Asian session has found support at 1.0060 in the European morning. USD/CHF has slightly bounced at this level to trade above 1.0080. Currently the pair is trading around 1.0080/90, 0.10% above today's opening price action at 1.0075.

USD/CHF is trading on consolidation mode the current week after the last week bearish movement which takes the pair from 1-month high at 1.0340, reached Nov 3, to trade in range between 1.0060 and 1.0100 in the last two days.

According to the Kshitij Consultancy Service Team, the USD/CHF could achieve the parity in the short term: “Swiss is continuing to trade lower. Our view remains the same on the pair. If it continues to trade below 1.0100 we might see it moving towards parity in the coming sessions. Also if the current strength on its downmove continues we might see further dip towards 0.9850-00 in the coming days/weeks. However, Support is seen in the region 1.0050-30. If it holds and the pair gains upside momentum, we might see a rise topwards 1.0150-70.”

USD/CHF

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