Forex Market Updates & Commentary |  |
- UBS says clearing fees could be charged if flows continue into cash clearing accounts
- SNB denies that a letter sent to Swiss banks telling them to charge for deposits
- Say UGH! No conviction in the EURUSD
- EURUSD bounces off yesterday’s low. No desire to extend lower.
- Rumors of Swiss bank deposits is starting to be dismissed
- Rumor a Swiss bank is charging for CHF deposits. USDCHF and EURCHF soar
- EURUSD corrects quickly to 1.4396 and falls back off
| UBS says clearing fees could be charged if flows continue into cash clearing accounts Posted: 26 Aug 2011 08:50 AM PDT So rates are not negative but fees may be charged. |
| SNB denies that a letter sent to Swiss banks telling them to charge for deposits Posted: 26 Aug 2011 08:25 AM PDT …And the USDCHF/EURCHF falls sharply. |
| Say UGH! No conviction in the EURUSD Posted: 26 Aug 2011 08:24 AM PDT The EURUSD went right down to yesterday’s/week’s lows and bounced like straight up. Yes it paused at yesterday’s close/38.2% of the days range, but that was short lived and the price is now back above the 1.4400 level (and 200 and 100 hour MA at the 1.4396 and 1.4409 levels respectively) and looks toward the topside of the range. The 1.4450 level seemed impossible just an hour ago, but anything is possible in this market. THat level corresponds with the topside trendline in the hourly chart below. A move above targets 1.4470, and the high for the week at 1.4499. Maybe the extension of the narrow week range is above, not lower?
Reports in the market (rumors are in control) are that the stocks (which are helping the recovery) are back higher on the back of an asset reallocation out of bonds and into equities. If stocks catch a bid going into the weekend, this would be the catalyst for a move. What is clear is the market players are still not intent to trend the market in the EURUSD but happy to keep the “like don’t marry trading positions” stance. Be patient and be sure to define risk against technical levels - if you have to trade. The price action is not lying. Anything can happen. So risk a little. If you find good trade location, target from level to level. They are pretty clear at this point. IF you miss a trade. There will be another. So don’t regret.
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| EURUSD bounces off yesterday’s low. No desire to extend lower. Posted: 26 Aug 2011 08:12 AM PDT
The 1.4327 was the low from yesterday and it is the low from today. If the market was intent on selling and trending the chance was there to push it through the low and extend the range. Instead profit takers came in and bought the pair - moving the price back higher…quickly. The price has pushed back higher and tests the close from yesterday at the 1.4378 level and the 38.2% of the days range at 1.4378. The high has reached 1.4381 so far. This is a key level for the pair. |
| Rumors of Swiss bank deposits is starting to be dismissed Posted: 26 Aug 2011 07:58 AM PDT USDCHF and EURCHF starting to come back off.
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| Rumor a Swiss bank is charging for CHF deposits. USDCHF and EURCHF soar Posted: 26 Aug 2011 07:40 AM PDT There is chatter that a Swiss bank is starting to charge for depositing funds in their bank . This is helping to push the CHF pairs to the upside. From a technical perspective, the price has moved above trendline resistance and approaches the 38.2% of the move down from the November 2010 high to the low reached this month. That level comes in at the 0.8210 area. A move above that has the 100 day MA at the 0.8377 area as a longer term target for the pair.
Look for support below at the 0.8075 area. This was a low in July before the final accelerated push to the downside. Before that level the 0.8093 may find some support. This is the 38.2% of the last sharp leg to the upside in the USDCHF (see chart below). If support can hold against this level shorts in the market may get worried and push the pair to new higher highs. |
| EURUSD corrects quickly to 1.4396 and falls back off Posted: 26 Aug 2011 07:37 AM PDT As per prior post, the 1.4396 level held corrective resistance. ON the downside the price is pressuring the downside support levels at the 1.4358 and the 1.4346 level (losw from Monday). THe 1.4327 low for the week is the next target below that with the 1.4309 and 1.4260 On the topside now, the 1.4385-96 remains the area for the price to stay below to keep the bears happy. A move above these levels will muddy the water and likely discourage the shorts.
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