Forex Alerts 10/24/2008

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Alert - 10:35 (CET) - UsdChf

The UsdChf is trading at 1.1718, ranging from 1.1561 to 1.1748. The current price is over yesterday's close at 1.1588. Checking the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are over the 200-day EMA.

The resistances are at 1.1775 (October 24th, 2007 high), 1.1860 (October 15th, 2007 high) and 1.2133 (August 18th, 2007 high). Depending on what happens, the traders will also keep an eye on the supports at 1.1490 (October 21st low), 1.1282 (October 16th low) and 1.1129 (October 10th low).

The behaviour of the pair is inversely propotional to the EurUsd one, as the ECB and SNB monetary policies are very similar. This is another way of explaining the behaviour of the UsdChf. Right now, the Euro is advancing against the Dollar, which explains why the Swiss currency is also advancing.

This week, the greenback has advanced 2.59% against the Swiss currency. Given the global uncertainties, the investors are making a new flight to safety.

Checking the graphics again, we see that the current price is over the 0.00% (0.9646) and under the 23.60% (1.4282) Fibonacci retracement line. The average volatility per hour is 170 pips. The 60-minute Relative Strenght Index (RSI) is at 46 points, after being near the oversold area.

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