What doesn’t go down invariably must go back up, and we’re seeing some good demand for USDCHF and EURCHF this morning as January gets underway, in thin conditions.
Add: I’m now hearing hedge fund buying interest the prime mover
Swiss franc buying has dominated recently but lately both pairs have struggled to create lower lows and the trading ranges have been edging higher.
I’ve been jobbing EURCHF from the short side to good effect as you know but the rising base tipped me off that I might be wasting my time for the moment so I bit the bullet and squared up through 1.2280 earlier.
Sell orders at 1.2300 have now also been taken out confirming the break, but with more offers all the way back up to 1.2350 where I will look to short again if not before. A case for ongoing assessment methinks and I certainly will not be stubborn. 1.2280 becomes a pivotal area now and first line of real support.
Currently 1.2312 just ahead of 200 DMA at 1.2314
USDCHF triggered some stop loss buying interest through 0.8950 but is back at 0.8960 after 0.8973 highs. Expect more demand down to 0.8930 and again at 0.8900.
EURCHF Orders 2 Jan
