In association with

Market Bulletin

03rd December 2010

Recovery in USD/CHF at Key Resistance
After reaching a high for the year in May USD/CHF slipped steadily back, piercing the major 2008 low in Oct. Subsequent recovery has been relatively modest so far, and key resistance is currently holding the bulls back.

The FX Specialist view
WEEKLY CHART The drop back in 2010 eroded the major 0.9674 2008 but found support around the bear channel base we had drawn in. The top of the first resistance area on this chart comes from the rising old support/return line at 1.0065 currently – it is so far working.

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In association with
DAILY CHART: The recovery has put pressure on the 23.6% retracement at 1.0000 – a clear break of this and the resistance line from the Weekly chart would be an initial bull signal. Attention would then turn to the 1.0328 level, 06-Aug low (and base of Jul/Aug congestion) and 38.2%. S/term we wait to see if dips prove temporary. Ideally weakness should hold above the s/term rising support line at 0.9655 if a resumption of the bear trend is to be avoided.

Philip Allwright Mark Sturdy

Seven Days Ahead

SEVEN DAYS AHEAD Professional trading guides and recommendations for the World's markets Authorised and Regulated by the FSA
E-MAIL MSTURDY@SEVENDAYSAHEAD.COM 124 REGENTS PARK ROADLONDON NW18XL WWW.SEVENDAYSAHEAD.COM TEL +44 (0) 7849 933573

This information memorandum has been prepared solely for informational purposes for customers of Seven Days Ahead and is based on publicly available information from sources believed to be reliable. It is not an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. No representation is made as to the completeness or accuracy of any statements or forecasts contained herein and no responsibility or liability is accepted for losses arising from transactions undertaken or investments purchased, sold or held on its recommendation. Consequently, any persons acting on information contained herein do so entirely at their own risk. Although the opinions contained her ein were considered valid at the time of release, financial markets are subject to rapid and unexpected movements. Seven Days Ahead, its associated companies, their directors, employees, other customers or connected persons may from time to time undertake transactions or deal in investments mentioned in this information memorandum or have a material interest, relationship or arrangement in relation to them.