We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/yF133btXFd https://t.co/Sjnr0iVgAf
  • Upside momentum stalls with the #DAX and #FTSE 100 vulnerable to testing lower levels as the economic backdrop deteriorates further. Get your #equities technical analysis from @JMcQueenFX here: https://t.co/BFIaXTfDcs https://t.co/q0Mso4zWlT
  • RT @iv_technicals: *TRUMP SAYS HE'D USE TARIFFS IF NEEDED TO PROTECT OIL INDUSTRY - BBG #OOTT #WTI $USO
  • After the pattern is composed with the closing of the signal candle, then you can look to the following candle to identify a clear bias and risk points. Learn how to apply this knowledge to a trading strategy here: https://t.co/uh3NwgHBVv https://t.co/yl4KUMNmUh
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia here: https://t.co/r3Ku0p9dw1 https://t.co/CU5vMilpLH
  • - Gold prices may suffer if FOMC minutes spark risk aversion, concerns about liquidity - #XAUUSD could face additional selling pressure if employment data sours sentiment - Ballooning credit risks from distressed corporate debt markets may cap gold’s gains https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/04/04/Gold-Prices-May-Fall-on-FOMC-Minutes-Recession-Credit-Risks.html
  • The bear flag pattern is a popular price pattern used by technical traders within the financial markets to determine trend continuations. Learn how to spot a bear flag pattern here: https://t.co/zg8QzS3ytS https://t.co/A8fvEmmh0K
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/VsfbITIb6B https://t.co/qSLzCiGVxa
  • S&P 500 Sinks as Unemployment Spikes; VIX Index Drops? -via @DailyFX “#StockMarket recovery stymied by dismal jobs report. #Volatility down, but extreme fear lingers.” Latest Forecast: https://www.dailyfx.com/forex/market_alert/2020/04/04/spx-sp500-sinks-as-unemployment-spikes-vix-index-price-drops.html $SPY $SPX $ES_F #Stocks #Analysis #Trading https://t.co/qwfhehTnbt
  • RT @LiveSquawk: Oil set to 'crater' Monday as OPEC meeting delayed, tensions flare between Saudi Arabia and Russia https://t.co/emRrx7PgpR
Weak Retail Sales Derail Dollar Rally- Swissie Surges on Euro Strength

Weak Retail Sales Derail Dollar Rally- Swissie Surges on Euro Strength

2012-01-12 18:38:00
Michael Boutros, Strategist
Share:

Daily Winners and Losers

Weak_Retail_Sales_Derail_Dollar_Rally-_Swissie_Surges_on_Euro_Strength_body_Picture_2.png, Weak Retail Sales Derail Dollar Rally- Swissie Surges on Euro StrengthWeak_Retail_Sales_Derail_Dollar_Rally-_Swissie_Surges_on_Euro_Strength_body_Picture_3.png, Weak Retail Sales Derail Dollar Rally- Swissie Surges on Euro StrengthWeak_Retail_Sales_Derail_Dollar_Rally-_Swissie_Surges_on_Euro_Strength_body_Picture_4.png, Weak Retail Sales Derail Dollar Rally- Swissie Surges on Euro Strength

The Swiss Franc is the top performing currency against the greenback at 1pm in New York, with the USD/CHF off by more than 1.2% on the session. Weaker than expected advanced retails sales and weekly jobless claims snapped a run of stronger than expected economic data from the US, with the dollar falling against all its major counterparts, save the kiwi. The franc has continued to weigh on the dollar as the euro advanced against all its major counterparts save the franc. Since the 1.20 EUR/CHF peg was put into effect on September 6th, the USD/CHF to EUR/USD correlation has held at -0.90 with the inverse relationship continuing to weigh on the dollar as the euro advances.

The USD/CHF broke below key support at the 38.2% Fibonacci extension taken from the December 15th and January 8th crests at 0.9475 before encountering soft support at the 0.9420 level. A breach here eyes subsequent floors at the 61.8% extension at the 0.94-figure, 0.9380, and the 76.4% extension at 0.9355. Topside resistance is now eyed at 0.9340 backed by the 38.2% extension at 0.9475 and the 0.95-handle. Watch for the swissie to remain well supported as the euro advances, with a reversal in the single currency likely to see the dollar mount a counteroffensive here.

Key Levels/Indicators

Level/Indicator

Level

200-Day SMA

0.8708

100-Day SMA

0.8991

50-Day SMA

0.9281

2011 CHF High

0.7079

Weak_Retail_Sales_Derail_Dollar_Rally-_Swissie_Surges_on_Euro_Strength_body_Picture_5.png, Weak Retail Sales Derail Dollar Rally- Swissie Surges on Euro StrengthWeak_Retail_Sales_Derail_Dollar_Rally-_Swissie_Surges_on_Euro_Strength_body_Picture_6.png, Weak Retail Sales Derail Dollar Rally- Swissie Surges on Euro Strength

The New Zealand dollar is the weakest performing currency in afternoon trade with the NZD/USD off by 0.44% on the session. The kiwi which has outperformed its major counterparts over the past few sessions pared a portion of its recent advance, with the pair finding solace around the 61.8% Fibonacci extension taken from the December 29th and January 8th troughs at 0.7930 after failing two breach attempts above 0.7980. Subsequent support targets are held at the 50% extension at the 0.79-figure, and the 38.2% extension at 0.7870. The kiwi has continued to trade within the confines of an ascending channel formation dating back to the 15th of December with a break below the channel support targeting the 23.6% extension at 0.7835 and the 0.78-handle.Topside resistance holds at 0.7980 backed by the 0.80-handle.

Key Levels/Indicators

Level/Indicator

Level

200-Day SMA

0.8031

100-Day SMA

0.7893

50-Day SMA

0.7729

2011 NZD High

0.8841

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

To contact Michael email mboutros@dailyfx.com or 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

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

DISCLOSURES

News & Analysis at your fingertips.