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USD/CHF fails above 0.98

U.S. dollar has been a laggard so far this week while euro gained some traction after it reclaimed 1.175. That's a recipe for Swiss franc gains while Catalan and North Korea crises still simmer in the background.
USD/CHF broke above both 200 DMA and 0.98 last week and touched 2017 trendline but sellers were waiting and took the pair back below both levels. 0.97 is the next target and then 100 and 50 DMA near 0.965. The mentioned 0.98 level should hold while sellers remain in the driver's seat.
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Swissie near an important support

U.S. dollar weakness and euro strength seem to be two main reasons for Swiss franc outperformance despite positive risk sentiment in the recent weeks. Also, the franc has been stable against the euro, so there's no need for a SNB intervention yet.
The pair (USD/CHF) is currently holding just above 2011 - 2015 trendline (excluding January 2015) which is reinforced by 100 week SMA and 0.95 level. 0.9650 level shall now act as a resistance.
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Choppy ranging continues

Despite the fact that many traders are standing aside in these tough markets mostly due to heightened uncertainty and never knowing where and when the next headline will send the price, yesterday's trade reminded of thin summer trading conditions. With July knocking on the door, "summer doldrums" factor might definitely be a part of it.
Greek saga continues on Saturday and if we'll get any deal on the weekend (unlikely), there could be a huge gap open on Monday. But most likely we will have to w…
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EURo range trading

Very choppy range trading in the Euro today. There was no follow through selling after yesterday's two cent fall. Instead, the pair started to retrace those losses but didn't get past 1.1235 as Greek uncertainty continues.
Support is seen in pivotal 1.1050 - 1.1125 band that includes: 50 DMA, 1.12 big figure level, Monthly Pivot Point, Weekly Support 2 and 100 DMA. Given that it is summer, 1.1050 - 1.1450 range could well remain in play for several weeks to come.
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EURo declines overnight

In a bout of overnight USD strength, Euro fell 80 pips, breaking below the three-week rising wedge and the Monday low (1.1290) in the process. After the substantial stop run, it stalled ahead of Daily Support 2 just above 1.1250.
The pair is basically back to the pre-FOMC levels. If it doesn't bounce from here and instead continues to fall through 1.1200 - 1.1250, it may revisit 1.1050 - 1.1120 band (March/April range top, 1.11 level, 50 DMA, Monthly Pivot Point, Weekly Support 2, 100 DMA, 1.105…
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pipx avatar
pipx 23 Jun

Lets hope this picks soon :-)

al_dcdemo avatar

It'd be nice! But I wouldn't bet a farm on it. Ok, maybe demo farm :)

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EURo refuses to rally on Greek bailout progress

Despite the progress being made today in Greek bailout talks, Euro wasn't able to rally much past 1.14. Officials said that the deal is likely to be sealed by the end of the week. I sincerely hope so!
The pair is still contained in a pattern that may be seen as either an ascending triangle or a rising wedge. Whatever the choice, pattern support is seen between 1.1300 and 1.1350 while resistance comes in 1.1400 - 1.1450 band.
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EURo doesn't like the upside

Euro's break above the ascending triangle, formed over the past three weeks, proved to be fake and the pair is now heading towards the lower extreme of the pattern. Greece uncertainty has outweighted wavering Fed and weaker US CPI print as we are heading into the weekend.
Direction is unclear at the moment, the above-mentioned pattern will need to be convincingly broken either way to establish bullish or bearish bias. Supply band: 1.1400 - 1.1450. Possible demand band: 1.1250 - 1.1300.
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Nothing new from the Fed

The Dollar got sold across the board, after the FOMC failed to deliver any clear signal on when the rates may go up. That's nothing unexpected, but the market still hoped for something more hawkish.
Following a quick stop run to 1.1205 on the announcement, Euro rocketed to 1.13 and it was a steady grind up from there. It has broken Previous Day High (1.1330) and 1.1350 but then stalled ahead of Monthly Resistance 1 (1.1366) and Previous Week High (1.1386).
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EURo trading tight

Despite failure of the weekend Greece-creditors talks, Euro remains well supported in the dips and is currently trading in a tight range between 1.1200 and 1.1250. Where it will go from here it will depend mostly on headlines, but I suspect it won't break into either direction before FOMC meeting on Wednesday.
Stronger support is seen near 1.1050 (June 5th low, 50 and 100 DMA), while the weekly trendline resistance shall be found between 1.12 and 1.13.
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al_dcdemo avatar

Weekly trendline resistance shall be found between 1.13 and 1.14 (not 1.12 and 1.13).

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EURo boggles below the trendline

Euro has been bumping into the declining trendline (drawn off July 2014, August 2014, December 2014, May 2015 and June 2015 highs) for the most of the past week. On the flipside, all falls on the disappointing Greek headlines and better US data were promptly soaked up. Supply and demand are in balance at the moment, but one of the sides will soon give in.
A great catalyst for the upside would be a deal between Greece and its creditors. Not sure about Greek default, as on one hand it would cause …
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