With the Dollar bid from the off into European trading the downside was never an option. The bounce off 1.1908 easily absorbed the 1.1930/35 offers before better sellers into 1.1955 were found. However, these were also soon removed and the pair worked into the 1.1960's.
Selling into 1.1965 attempted to cap but with EUR/CHF being bought (for a test of the 1.5900/05 level) the Franc continued to offer little resistance. Stops tripped in the break above 1.1970 with 1.1986 printing but the gains may prove fleeting as accounts exit positions on both sides ahead of US data. 1.1990/2010 is now seen as the key level. Sales into 1.5900 in EUR/CHF have kept the 1.5905+ stops in play for the moment but further tests of the figure are expected.
Looking ahead, ADP Jobless data is set for release at 13:15 GMT and dealers cite this as the key short-term risk for the US unit into North American trading. The consensus is seen at 100K but any significantly different reading from here will have Non-Farm Payroll speculation running riot ahead of the Friday release of the latest Employment report.
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