Give Ryan credit. Just over two weeks ago he went on vacation and told me he was closing all of his trades except one: EUR/CHF longs.
Trying to make sense of the day-to-day moves in EUR/CHF is a fool’s errand but it touuched one-month high of 1.2464 today. The Asmussen comments were are broad negative for the euro but it did almost nothing to stifle EUR/CHF. The bigger driver may be USD/CHF as it climbs back toward the May highs, perhaps as US investors bring money home.
For EUR/CHF, it’s approaching the 61.8% retracement of the May-June decline and has risen in four consecutive days.
The game with this pair is always trying to buy as close to 1.2000 as possible and hanging on for the ride. It’s been a nice run but it’s too soon to take profits on longs, especially if it can shake off euro-negative news.
