Today’s U.S. Markets finished marginally lower as the Federal Reserve Chairman Bernanke said to the senate Budget Committee, the banking system is still not out of the water. On the back of this comments, the market started showing concern the government will not be able to shore up the financial system. Bernanke also said policy makers may need to expand aid to the banking system on top of the $700 billion already approved. NYMEX Crude oil settled today at $41.65 per barrel, a gain of $1.50 (3.74%). Gold closed the day at $915 a gain of $1.40. The Dollar Index closed at 89.91 down .03% on the day, but barely noticed.
USD/CHF- We continue watching the Usd/Chf chart as it has been continuing its uptrend and remains within our range. Last night the Swiss reported GDP q/q, which came in at -0.3% versus a -0.9% forecast. This provided the Chf a bit of support, but not for long. As investors keep buying U.S. Dollars, the trend in Usd/Chf should continue to be upward. First resistance intra day comes in at 1.1815/25, with potential of breaking out to 1.1880. Support at 1.1700/1.1690.
