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16 Sep 2013
USD/CHF pares a portion of earlier losses on US data
FXstreet.com (Athens)- The ">USD/CHF was trading downwards under heavy pressure, after the dismal release of NY Empire State index, but now seems to gather momentum and trade on the upper level again.
The USD/CHF is under pressure on ‘Summers withdraws’, dismal US data
The USD/CHF started to get under more pressure as after ‘Summers tantrum’, the NY Empire State Index released at much weaker than expected level. The pair managed the last half an hour to gather uptrend momentum paring most of its earlier losses. Generally speaking, Asia saw the most of the action overnight, as the USD generally sold off across the board, following the Summers’ announcement while European session was much more serene. Traders should in any case bear in mind that the correlation between the USD/CHF and the EUR/USD, is heavily negatively correlated, thus, while EUR/USD is trading to the upper level today is very logical that the USD/CHF is under pressure.
Technical Outlook on USD/CHF
Gareth Berry, Analyst on behalf of UBS mentions that “Real money buying was evenly matched by leveraged selling, leaving net flows delicately balanced.”
The USD/CHF is under pressure on ‘Summers withdraws’, dismal US data
The USD/CHF started to get under more pressure as after ‘Summers tantrum’, the NY Empire State Index released at much weaker than expected level. The pair managed the last half an hour to gather uptrend momentum paring most of its earlier losses. Generally speaking, Asia saw the most of the action overnight, as the USD generally sold off across the board, following the Summers’ announcement while European session was much more serene. Traders should in any case bear in mind that the correlation between the USD/CHF and the EUR/USD, is heavily negatively correlated, thus, while EUR/USD is trading to the upper level today is very logical that the USD/CHF is under pressure.
Technical Outlook on USD/CHF
Gareth Berry, Analyst on behalf of UBS mentions that “Real money buying was evenly matched by leveraged selling, leaving net flows delicately balanced.”