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Swissie Hits All-time Highs- Dollar Suffers

Swissie Hits All-time Highs- Dollar Suffers

2011-05-27 15:01:00
Michael Boutros, Technical Strategist
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Daily Winners and Losers

Swissie_Hits_All-time_Highs-_Dollar_Suffers_body_Picture_2.png, Swissie Hits All-time Highs- Dollar SuffersSwissie_Hits_All-time_Highs-_Dollar_Suffers_body_Picture_3.png, Swissie Hits All-time Highs- Dollar SuffersSwissie_Hits_All-time_Highs-_Dollar_Suffers_body_Picture_4.png, Swissie Hits All-time Highs- Dollar Suffers

The Swiss franc was the best performer overnight, advancing 1.0% against the dollar. Traders continued to jettison the greenback which fell across the board after yesterday’s GDP data fueled concerns about growth prospects for the world’s largest economy. The swissie broke through key resistance at the 0.8645 level before hitting fresh all-time highs against the dollar at 0.8531. Today’s personal spending report from the US showed further signs of weakness with the figure missing consensus estimates with an April print of 0.4%. The USD/CHF pair will continue to range between the 50% Fibonacci extension taken from the April 1st and May 15th crests at 0.8540 and 0.8580, noting ceilings at the 38.2% Fib Extension at 0.8645 and 0.8680. A downside break eyes targets at the 61.8% Fib extension at 0.8460.

Key Levels/Indicators

Level/Indicator

Level

50-Day SMA

0.8909

20-Day SMA

0.8755

10-Day SMA

0.8760

2011 Low

0.8531

Swissie_Hits_All-time_Highs-_Dollar_Suffers_body_Picture_5.png, Swissie Hits All-time Highs- Dollar SuffersSwissie_Hits_All-time_Highs-_Dollar_Suffers_body_Picture_6.png, Swissie Hits All-time Highs- Dollar Suffers

The Canadian Dollar was flat in overnight trade, holding in a sideways channel between the 38.2% and 61.8% Fibonacci extensions taken from the May 11th and 20th troughs at 0.9750 and 0.9810 respectively. Our bias on this pair remains to the downside, with a break of interim support eyeing subsequent floors at the 23.6% extension just above the 0.97-handle and 0.9680. An unlikely breach of the upper bound channel line sees stronger resistance at the 76.4% extension at 0.9850.

Key Levels/Indicators

Level/Indicator

Level

50-Day SMA

0.9647

20-Day SMA

0.9674

10-Day SMA

0.9742

2011 High

1.0057

Written by Michael Boutros, Currency Analyst for DailyFX.com

To contact the author of this report, please send inquiries to:mboutros@dailyfx.com

You can also follow Michael on Twitter@MBForex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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