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USD/CHF broke above the pivotal 0.98 level, after spending one week below it. Position in the futures market is net short, but not at extreme levels, so there might still be some upside potential. Trendline, drawn off of October and December highs, is the area to keep an eye on.
al_dcdemo's Blog
Cable awaits the BOE
Today is perhaps the biggest day for the pound since UK EU referendum. The BOE is widely expected to cut the official bank rate to 0.25% from 0.50% while many also expect it to come up with some form of lending and/or asset purchase program.
The stakes are high and, depending on the outcome, there could be a large reaction either way. COT report showed a record net short position last week and it may take a truly bold action by the bank to send the pair below 1.30.
The stakes are high and, depending on the outcome, there could be a large reaction either way. COT report showed a record net short position last week and it may take a truly bold action by the bank to send the pair below 1.30.