In the absence of any fundamental shift, spot traders are reverting to the technicals, as USD/CHF rebounds from yesterday's test of the year's lows. The last significant high and low on the daily study, 1.2775 and 1.1885 provides Fibo attraction at 1.2225 (38.2%) and price action today is getting magnetically drawn to it as traders try to make their minds up what to do next.
Meanwhile on the EUR/CHF daily study RSI slammed into a low of 19.7 yesterday, the first time it has been that low since last May, just ahead of the last significant low on that chart (1.5450) so techies are trimming back some of those posis, particularly as the slow stochastics look set to cross upwards tomorrow.
Spot USD/CHF trades at 1.2245 whilst spot EUR/CHF trades at 1.6037, and the twin impacts of a rising EUR/CHF and a rebound off yesterday's USD lows is giving the greenback a lift this morning. There are good sized stops in USD/CHF above 1.2260 and modest stops below 1.2195.
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