Weaker than expected US housing data but still USD/CHF remains supported. With the US unit resilience showing no sign of abating those who had looked to go short are now touting short-term long trades as the price looks to break back above the 1.21 level.
I feel there is a fundamental argument for fresh shorts but with flows still favoring the greenback a run above 1.2110 cannot be discounted. Stops are seen above this latter level with talk of more offers standing at 1.2145/50. Adding to the Franc weakness is the rally being seen in EUR/CHF at present with any clear break of 1.5905 said to add momentum to the USD/CHF push for a break higher.
Currently the EUR cross holds near the figure and buyers continue to take on shorts in the wake of the poor KoF.
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