Archived IMT (2009.01.15)

EURCHF has dropped 145 pips from 2 days ago when I issued a negative bias to CMC Clients based on increased concerns with Eurozone fiscal integrity, possibility for 75-bp ECB cut and unlikelihood of SNB rate cut soon. Techs suggest H&S formation could trigger prolonged losses towards 1.4650 and 1.4570 in case of renewed risk aversion. ECB seen widely cutting rates by 50-bps to 2.00%. which is likely to prevent EURUSD from breaching below $1.3050 TL support.