By
GCI Financial |
Technical Analysis | Aug 17, 2011 06:05AM GMT |
Expectations that Switzerland authorities would resort to dramatic measures to weaken its currency sent the franc sharply lower Tuesday.
However, mounting fears of a worldwide recession, a wrenching debt crisis in Europe and the US’s economic and fiscal concerns, capped greenback’s gain against Swiss Franc.
In the Asian session, at 3:00GMT, the pair is trading at 0.7938, 0.13% lower from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 0.8022, followed by the next resistance at 0.8106. The first area of support is at 0.7810 level, with the subsequent support at 0.7682.
Please see the attached chart below...
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