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Dollar Rebounds as Risk Currencies Pare Gains

Dollar Rebounds as Risk Currencies Pare Gains

2012-01-04 17:34:00
Michael Boutros, Strategist
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Daily Winners and Losers

Dollar_Rebounds_as_Risk_Currencies_Pare_Gains_body_Picture_2.png, Dollar Rebounds as Risk Currencies Pare GainsDollar_Rebounds_as_Risk_Currencies_Pare_Gains_body_Picture_3.png, Dollar Rebounds as Risk Currencies Pare GainsDollar_Rebounds_as_Risk_Currencies_Pare_Gains_body_Picture_4.png, Dollar Rebounds as Risk Currencies Pare Gains

The Japanese yen it the top performer against a stronger dollar with the USD/JPY off by a modest 0.06% at noon in New York. The greenback has gone back on the offensive today after yesterday’s rally in risk saw the greenback tumble across the board with the Dow Jones FXCM Dollar Index (Ticker: USDollar) off my nearly 1%.The pair continues to hold within its recent range between 76.60 and the 50% Fibonacci extension taken from the October 31st and November 28th highs at 76.80. A breach above interim resistance eyes subsequent ceilings at the 77-figure, the 38.2% extension at 77.15, and 77.30. As we have continued to note, advances in the yen remain tempered by ongoing concerns about further intervention from Japanese officials. That said, a break below interim support eyes downside targets at the 61.8% extension at 76.45 and the 76-figure.

Key Levels/Indicators

Level/Indicator

Level

100-Day SMA

77.14

50-Day SMA

77.50

20-Day SMA

77.62

2011 JPY High

75.56

Dollar_Rebounds_as_Risk_Currencies_Pare_Gains_body_Picture_5.png, Dollar Rebounds as Risk Currencies Pare GainsDollar_Rebounds_as_Risk_Currencies_Pare_Gains_body_Picture_6.png, Dollar Rebounds as Risk Currencies Pare Gains

The Swiss franc is the weakest performer against the greenback with a decline of more than 1% on the session. News out of Switzerland has continued to weigh on the franc as reports that the wife of SNB Chairman Philipp Hildebrand may have conducted FX transactions ahead of the cap on the euro-franc exchange rate which was aimed at combating rapid appreciation in the franc. Speculation that Hildebrand may be forced to step down have slammed the franc has weakened against all its major counterparts in early US trade. The USD/CHF pair failed an attempt at a breach above the 50% Fibonacci extension taken from the October 27th and November 30th troughs at 0.9445. Interim resistance holds here with a breach eyeing topside targets at 0.9470, the 0.95-handle, and the 61.8% extension at 0.9535. Support rests at the 0.94-figure with subsequent floors seen at the 38.2% extension at 0.9355 and 0.9320. Look for the pair to remain well supported at these levels as swissie weakness couples with broad based dollar strength in intra-day trade.

Key Levels/Indicators

Level/Indicator

Level

100-Day SMA

0.8895

50-Day SMA

0.9158

20-Day SMA

0.9352

2011 CHF High

0.7079

---Written by Michael Boutros, Currency Analyst with DailyFX.com

To contact Michael email mboutros@dailyfx.comor follow him on Twitter @MBForex.

To be added to Michael’s email distribution list, send an email with subject line “Distribution List” to mboutros@dailyfx.com

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