Resistance 3: Chf1.1580
Resistance 2: Chf1.1420
Resistance 1: Chf1.1380
Current price: Chf1.1307
Support 1: Chf1.1275
Support 2: Chf1.1180
Support 3: Chf1.1120
Comments: The dollar is under pressure after yesterday’s rise before a government
report that may show U.S. companies reduced workers for a ninth month
amid the worst financial market meltdown since the Great Depression.
U.S. employers probably eliminated 105,000 jobs last month, after
slashing 84,000 in August, according to the median forecast of
economists. The Labor Department's report is due at 12:30 GMT. The
unemployment rate held at a five-year high of 6.1%, according to a
survey. Futures on the Chicago Board of Trade
yesterday showed a 94% chance the Fed would cut its 2% rate for
overnight lending between banks by a half-percentage point on Oct. 29.
Futures showed no chance of lower rates a month ago. Support comes
atFibo level on Chf1.1275/80 (23.6% of the Chf1.0820 – Chf1.1420
upmove), Break under will point to further losses to Chf1.1180 and then
– to Chf1.1120. Strong resistance is around yesterday’s high on
Chf1.1420. Next band of resistance is near Dec’07 highs on
Chf1.1580/00.