The 1.22 level remains intact in USD/CHF with the option barriers still in play the pair eases back once more. Bids into 1.2165/70 will initially look to stall the dip. Below the intraday low at 1.2165 the pullback low from late European trading yesterday sits at 1.2155. As a result of this 1.2155/65 is seen a broader zone of support with bids lining up in this band to protect the Dollar into Fed verdict.
Only a break below the lower level will add momentum with a push below 1.2145 putting the price into stop/loss territory. Should this scenario occur then a retracement to 1.2100/05 area will be looked for by bears. A break under the 61.8% Fibo, of the rally yesterday (from 1.2102 to 1.2195), at 1.2138 signals such a move.
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