Swiss government spokesperson says Franc cap of at least 1.2000
The EURCHF is above the 200 day MA a thte 1.2054 level. A close would be bullish from a technical perspective. The problem is the longs are likely overcrowding the shorts as the pair as inched lower and lower toward the 1.2000 floor. In an overcrowded trade, the buyers need to continue to show up. If they don’t those buyers could become disenchanted and sell. So barring intervention, the topside may be limited (reference USDJPY).
EURUSD looking like a squeeze higher? Will be watching the 1.3126 level
Although the midpoint of the week at 1.31267 level has yet to be breached, the sellers don’t seem to be in control. A move above the 1.31267 level should encourage buying/shorts covering as market struggles with dollar strength or is this a signal for “risk on” EURUSD buying.
Gold sells off on relief from US data.
AUDUSD moves to 6 month high
The AUDUSD moved to the highest level since August 2nd 2011 on the back of the “Risk On” trade from the better than expected US Employment report . The new high overtook the September 2011 hight the 1.0762 level On the daily the next targets are at the 1.0810 and 1.0835 level which are topside trend line targets.
USDCAD dips below the 200 day MA
Despite weaker than expected Canada Employment, the USDCAD is taking its clue from the “risk on” traders. The 0.9960 level is the 200 day MA and the price has dipped below this level after surging on the Canada employment report which came out at 7 AM (before the US report). Closing below this level today would be bearish for the pair. The last time the price has closed below the 200 day MA was September 1st 2011.
The EURUSD rebounds. No news seen
Weeks midpoint is looking to be tested at the 1.31257 level. A move above will be a disappointment for the bears.
A look at the EURUSD, GPDUSD, USDCHF and USDJPY
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EURUSD fall stalls. Correction will be eyed closely.
The fall in the EURUSD has stalled and the correction will be eyed closely by traders. The 38.2% of the sharp move lower comes in at 1.3118. The low from the asian session comes in at 1.3114. The low at 1.3124 is another important level. Traders, looking for further downside momentum (dollar buying) would not want to see the pair move above this area. Staying below it, keeps the bears in charge intraday at least.
The weeks range of 201 pips in the EURUSD is still light. There exists a chance for an extension. The low came in at 1.3025. It seems a long way off but keep in mind if the momentum continues.
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