Start your Binary Trading income NOW!!!

Sponsored by Nuffnang.com

Wednesday, February 21, 2007

Swiss Outlook (21st February 2007)

Into European trading and Swiss dealers looked to the Yen for direction. Offers in USD/CHF into 1.2375 capped the early moves on the topside before the pair spiked down to 1.2340 as the Roth comments emerged. Bids into the 55-Day M/A line propped and spot soon rebounded. With the dip corrected the USD has looked supported intraday with sales into the 1.2380's then limiting a run towards 1.2390/2400.

CHF/JPY attempted to break below 97.00 in the JPY move higher but bids at 96.85 propped and the cross has since rebounded and is looking to break higher with 97.60/65 now eyed. Offers in EUR/CHF at 1.6275 continue to cap but bulls keep the 1.6300 option barriers as a short-term bull target.

Elsewhere, GBP/CHF hit 2.4211 as trading broke higher ahead of the BoE MPC but profit taking and the 7-2 vote soon cemented the pullback. Bids into 2.4245/50 propped for a period but further Sterling weakness has weighed. Looking ahead, US CPI data (due at 13:30 GMT) will give USD/CHF a longer-term bias with a break above 1.24 putting a renewed bull-bias on the charts. Economists look for +0.1% M/M with the core seen at +0.2% M/M.

No comments: