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by ForexNewsNow Team on December 20, 2010

Dollar falls vs. Swissy amid heightened Korea tensions

NEW YORK (Forex News Now) – The dollar fell against the Swissy on Monday morning, as South Korea held a live fire drill amid continuing tension on the Korean peninsula.

In early European currency market trading, USD/CHF hit 0.9660 at around 9:15 A.M., GMT, down 0.30% from Friday’s close.

The South Korean military conducted the live fire exercise in a disputed area on Monday morning, despite threats of war from North Korea following a failed UN Security Council meeting on the ongoing crisis.

FX traders rallied to the safer currencies following the North’s artillery barrage on a South Korean island in late November, and have been keeping an eye on the ongoing tensions since, as the threat of war continues to loom.

According to USD/CHF analysis, the greenback was likely to touch support around  Friday’s low of 0.9558, and to encounter resistance around the Dec. 13 high of 0.9851.

Elsewhere, the swissy rose against the euro: EUR/CHF traded at 1.2718, down 0.39% since Friday’s close.

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