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USD/CHF- In this 4 hour chart we noticed a previous support line acting as a resistance line in the latest trend. Although not defined, the level around this line seems to bring resistance. The next resistance level on this line comes in at 1.1795/1.1800, and support on the current trend touches at 1.1660/50. The resistance line maybe short lived given the continued bid U.S. dollar. Tonight the Swiss will release GDP numbers which are expected to come in at -0.9%. If the actual numbers show contraction in the economy we may see the CHF get sold off.
Economic Calendar for March 3, 2009: (EST)
1:45am CHF GDP q/q
-0.9% 0.0%
2:00am EUR German WPI m/m
-2.0% -3.0%
4:30am GBP Construction PMI
34.2 34.5
8:00am USD FOMC Member Lockhart Speaks
9:00am CAD BOC Rate Statement
9:00am CAD Overnight Rate
0.50% 1.00%
10:00am USD Fed Chairman Bernanke Testifies
10:00am USD Pending Home Sales m/m
-3.0% 6.3%
All Day USD Total Vehicle Sales
9.5M 9.6M
12:30pm EUR ECB President Trichet Speaks
12:30pm USD Treasury Sec Geithner Speaks
4:15pm NZD RBNZ Gov Bollard Speaks
5:30pm AUD AIG Services Index
41.0
6:40pm AUD RBA Assist Gov Edey Speaks
7:01pm GBP Nationwide Consumer Confidence
38 40
7:30pm AUD GDP q/q
0.1% 0.1%
9:00pm NZD ANZ Commodity Prices m/m