Algae invasion in China

Beijing (AsiaNews/Agencies) – More than 10,000 workers and thousands of volunteers have been fighting for days, with bulldozers, bare hands, and more than 1,000 boats, to clear away the algae from 13,000 square kilometers of the basin of Qingdao, where the Olympic sailing regatta is scheduled to take place. More than 100,000 tons of algae have already been removed, while efforts are under way to prevent more from coming into the basin, with the installation of barriers and the cleaning of the mouth of the Yellow River.

Forex: USD/CHF hits fresh 1-week high
The Swissy gave up 1.0650 level to cede further ground against a strong US Dollar, which aims to recover a slight portion of the harsh losses suffered over the past 5 weeks. The pair is trading through a new 1-week high area last seen in July 2.

USD/CHF was first dominated by jerky trading up until the European opening bell. At that point, investors pitched in confident to boost the Greenback value at a pace not for the faint-hearted. The pair rose over 120 pips in 3 hours, topping at 1.0675 (new 1-week high as mentioned above). Current price sits at 1.0670.

The Analysts Team at Ace Trader “suggests further choppy sideways trading inside near term established range
of 1.0543-1.0594 would be seen and as renewed buying above 1.0543 sup has lifted price, upmove from 1.0481
low should resume an extend to 1.0600/10 later. Trade from long side for this move and only a firm breach of 1.0528 would risk decline to 1.0500”.