With US traders punishing the Dollar for ruining early pre-Thanksgiving departures a usually calm, steady, holiday market turned into a rout for the US unit. Talk of further carry trade unwinding has heavily favoured the Swiss Franc and both USD/CHF and EUR/CHF have extended their Wednesday slide. Indeed EUR/CHF has recorded new 7-week lows at 1.5840.
Strong Swiss non-farm payroll data added further to the swissy's shine. The employment in Switzerland climbed to its highest in 14-years during the third quarter and the market is assuming that more good news on the jobs front will be forthcoming. USD/CHF fell from 1.2415 to 1.2256 last session and the move has been extended to 1.2222 during a thinned European session. Talk of profit take bids in the 1.2220's and stops above 1.2310.
For the cross a similar story with new lows of 1.5839 and profit taking preventing a drop to 1.5800. Both CHF pairings are oversold and corrective rebounds will now be the risk into the weekend, which for many will be at close of business today.
No comments:
Post a Comment