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USD/CHF has broken above parity this morning. It briefly stalled around 100 MMA and Weekly Resistance 2, but now appears to be breaking higher as it flirts with 1.01 level. It seems that there won't be any heavier selling until closer to year's peak prices above 1.02 and year's high at 1.0294.
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No winter for NFP
Despite tough winter conditions, February non-farm payrolls rose 295K and unemployment ticked down to 5.5%, a level touted by some officials as a "normal unemployment level". Average hourly earnings slightly disappointed, but that didn't stop the Dollar from gaining 100-150 pips across the board.
USD/JPY broke the New Year high near 120.75 then 121 level and traded up to 121.27. It stopped just ahead of weekly resistance 3 and is now in retreat. 120.75 should now act as support, as should broken…
USD/JPY broke the New Year high near 120.75 then 121 level and traded up to 121.27. It stopped just ahead of weekly resistance 3 and is now in retreat. 120.75 should now act as support, as should broken…
USD/CHF ascent may become troublesome
Monthly chart:
The pair has broken parity on the first trading day of the year. It was trading around 1.02 when SNB shocker sent it all the way to the 2011 lows. The actual low was 0.7263 or almost 30% of its value before the announcement. Since then it managed to recoup about two thirds of the losses and regained foothold above both 20 and 50 month SMAs. I'd say 50 month SMA is the line in the sand. If it manages to hold above it, that's bullish. Otherwise bearish.
Weekly chart:
After strong r…
The pair has broken parity on the first trading day of the year. It was trading around 1.02 when SNB shocker sent it all the way to the 2011 lows. The actual low was 0.7263 or almost 30% of its value before the announcement. Since then it managed to recoup about two thirds of the losses and regained foothold above both 20 and 50 month SMAs. I'd say 50 month SMA is the line in the sand. If it manages to hold above it, that's bullish. Otherwise bearish.
Weekly chart:
After strong r…