The intraday bear trend is holding but a modest run up from 1.2675 has brought about consolidation at 1.2690. The market is now caught between the outside day extremes from last Friday with the underlying bull run losing its grip having posted highs not seen since April but pullbacks limited to this session's 1.2675 low. Support from the Friday low comes in at 1.2665 with the 10-day moving average behind at 1.2645.
Swiss players are suggesting the market will be reluctant to push the Swissy too far from current levels ahead of this week's trade, producer and import price and retail sales data. The imminent release of US data might alter this view somewhat. Producer prices are first up and could generate some market volatility.
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