USDCHF moves down toward 200 day MA at 1.0491

The USDCHF is moving back down toward the 200 day MA support at 1.0491.  A move below this level will likely pressure the USDCHF further.  However, the higher the CHF goes (versus EURCHF and USDCHF) the better the chance for intervention.  That intervention level would be the new tolerant level for the EURCHF.  The EURCHF has has been pressured today and is trading at the 1.4477 level, 150 pips below the old floor at 1.4630.

EURCHF moves to the SNB worry level

1.3630 is the level where the SNB has been in the market in the past.  The market is testing the level.  Be aware.

EUR/CHF Moves Higher

The EUR/CHF has had a 50+ pip move higher as speculation of more SNB buying is on the wires. The pair has hit the 4-100hr moving average where it has stalled  its appreciation in February outside the intervention from the SNB on February 5th.

Some blame talk of Swiss bank intervention for the EURUSD rise

There are some who are speculating the EURUSD was moved higher on the back of Swiss National Bank intervention.  This is unconfirmed but the financial writers always have to write about something and this sounds as plausible as any. Looking at the EURCHF the price did move higher from lower levels.

Whether there was intervention of not, what is clear is that the 1.4632 level is a level the market gets worried about. However, with the EURO weakness on the back of the Greece situation, the natural reaction would be to sell the EURO and buy the safer haven Swiss Franc.  So although the EURCHF did catch a quick bid, we are seeing the selling return and that has been the pattern for the pair on all the rumored interventions over the last few weeks. The EURCHF will likely remain range bound as a result.

EUR/CHF Rebounding

After gapping lower on the open in a very thin market the EUR/CHF has been steadily rebounding off its lows. The pair has now found some resistance at the trending 21hr moving average that has resisted the pair since the middle of last week.

Euro Recovering Off Lows

The EUR/USD pair has recovered from the 1.4304 lows and has rallied a full figure on what continues to be a thin and volatile environment, with little to no significant news or economic releases. The channel below for the EUR/USD has held from the beginning of the month and we will continue to watch it into the New Year.

The EUR/CHF pair also took a more dramatic tumble earlier in the session, as a large stops seemed to filled below the 1.50 handle all the way down to  1.4907 before rebounding with the rest of the risk currencies.

$USDCHF tests support at the 1.0027 level. SNB intervention(?) pressures the CHF

The USDCHF is testing the 100 bar MA on the 5 minute chart at the 1.0027 level.  As long as the price can remain above this moving average the bias is up. However, if the level should break, look for a further move to the downside.  On the topside the price has resistance at the 100 hour moving average. This level comes in at the 1.0071 level.   The high today reached 1.0069. Sellers came in against the key resistance level and also against the former floor which contained the downside prior to yesterdays sharp move lower.  

The price rallied sharply today on the back of presumed Swiss National Bank intervention earlier today when the pair was below the 1.0000 level.  

The EURCHF was also pressured earlier today getting down to a low of 1.5010 - just above the 1.5000 level which the central bank said was the line in the sand for that currency pair.  The intervention lifted that pair back above  the 1.5100 level  (high 1.5131) but has since started to move back down. The pair is currently trading at the the 1.5060 level - below the 100 bar MA and the 200 bar MA on the 5 minute chart at the 1.5071 level. This gives a downward bias for the pair.

EUR/CHF Tame and Ranging

Since the Swiss National Bank’s intervention in March and then again in June of this year the EUR/CHF price action has stabilized. In the beginning of August the pair has entered a trading range between the 50 day and 200 day moving averages and has not had a full trading day outside the aforementioned range. Early during today’s trading session the pair is sitting right below the 50 day mavg.

The volatility of the pair is seen on the weekly chart below, ahead of the interventions.

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