FX Thoughts for the Day USD-CHF @ 0.9001/04...Resistance in 0.9030-40 region

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Dollar-Swiss fell during the day as expected and is keeping our bearish sentiment intact. Although it has bounced back from the day's low of 0.8978 it is not showing much upside momentum. Also it has very strong immediate Resistance in 0.9930-40 region, a break above which is not looking likely now. We expect the pair to dip further towards 0.8950-00 in the coming sessions. However, a strong break above 0.9340 might take it up towards 0.9070-9100.

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Tantawi meets with Palestinian President

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صورة
  Palestinian Authority President Mahmoud Abbas By DENDRAWI EL HAWARY - Translated by HEBA HABIB Field Marshal Hussein Tantawi, Chairman of the Supreme Council of the Armed Forces , met with Palestinian Authority President Mahmoud Abbas and his accompanying delegation visiting Egypt Saturday. Abbas thanked the council, the government, and the Egyptian people for their efforts in the prisoner exchange, their ongoing support for the Palestinian people and, their promotion of reconciliation among Palestinian factions. The meeting discussed the regional events and their impact on the peace process, and Palestinian efforts in the international arena towards realizing the legitimate rights through the General Assembly of the United Nations. The meeting was attended by Lieutenant General Sami Anan, Chief of Staff of the Armed Forces, Minister of Foreign Affairs Mohamed Kamel Amr, intelligence ...
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Egypt economy recovering, wants Europe debt relief

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Industry says opening of banks boosted economy * IMF says recovery depends on tourism rebound By Tom Pfeiffer CAIRO, Feb 21 (Reuters) - Egypt would like European Union states to cancel its debts to them but has not made a formal request, the EU's local delegation said, as Egypt's economy showed signs of recovery from weeks of political turmoil. The government has slashed its growth forecast after 18 days of street protests across the country unseated President Hosni Mubarak, scaring off tourists, hitting inward investment and sparking a wave of strikes in banks, industry and government. The economy was worth an estimated $217 billion last year and it relies heavily on foreign investment, tourism and fees from the Suez Canal. A government statistics agency estimates the uprising cost the economy at least $1.7 billion. A spokeswoman for the European Union delegation in Cairo said European Union Ambassador Marco Franco met Finan...
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