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British Pound Maintains Rally, Swiss Franc Weakens Across The Board

British Pound Maintains Rally, Swiss Franc Weakens Across The Board

2010-07-27 15:52:00
David Song, Currency Strategist
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07.27_DWL_body_07.27_DWL11.jpg, British Pound Maintains Rally, Swiss Franc Weakens Across The Board

The British Pound extended the rally from the previous day and is the best performing currency against the greenback on Tuesday, and the exchange rate may continue to push higher over the near-term as it maintains the upward trending channel from the June low (1.4346). The GBP/USD is nearly 50pips higher on the day after moving 87% of its average true range, but the rally appears to be tapering off as price action struggles to hold above the 200-Day SMA at 1.5556, with the 30-minute RSI falling back from a high of 72. As a result, we could see a corrective retracement going into the Asian trade, which could lead the pound-dollar to fall back towards the 120-SMA at 1.5448. As the economic docket for the U.K. remains fairly light for the next 24 hours of trading, market sentiment is likely to drive price action going into Wednesday’s trading session, but comments from European policy makers could stoke increased volatility in the exchange rate as investors weigh the prospects for future policy. Key Levels/Indicators

07.27_DWL_body_07.27_DWL21.jpg, British Pound Maintains Rally, Swiss Franc Weakens Across The Board07.27_DWL_body_07.27_DWL31.jpg, British Pound Maintains Rally, Swiss Franc Weakens Across The Board

The Swiss Franc weakened across the board amid speculation for a currency intervention, and the low-yielding currency may continue to depreciate as the central bank maintains its pledge to stem any excessive movements in the exchange rate. The USD/CHF is a whopping 135pips higher from the open after moving 131% of its daily ATR, and the overnight rally certainly seems to be overdone as the 30-minute RSI climbs back above 70. However, the dollar-franc appears to be finding intraday resistance around the 200-Day SMA at 1.0638, and we are likely to see a corrective retracement as it maintains the range from earlier this month. However, if the USD/CHF breaks out of the range, we could see the dollar-franc pare the decline from June, which would expose the 100-Day SMA at 1.0907.

07.27_DWL_body_07.27_DWL41.jpg, British Pound Maintains Rally, Swiss Franc Weakens Across The Board

Join us to discuss the outlook for the major currencies on the DailyFXForums

To discuss this report contact David Song, Currency Analyst: instructor@dailyfx.com

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