USD/CHF Hits New Lows, Targeting Further Downside

Price action on USD/CHF (a daily chart of which is shown) as of Thursday (4/28/2011) has hit its downside support target just under 0.8700 and established yet a new all-time low yesterday at 0.8669. The 0.8700 target, in previously uncharted territory, was derived by projecting the 161.8% Fibonacci extension of