Forex: USD/CHF breaks daily range after S&P 500 falls below 1400
Forex pairs in this Article »
USD/CHF
FXstreet.com (Barcelona) - Having moved within a daily range between 0.9558 and 0.9580, USDCHF is currently trading 0.9585 having broken higher.
Much like the majority of pairs today, volume and momentum look to be light as market participants look towards tomorrows Jackson's Hole Symposium for clues as to Fed Chair Bernanke's plans for the US recovery. The analysts at Forex Ticket see USDCHF continuing to range throughout the US session with price finding support and resistance between 0.959 and 0.955. Price has ranged throughout the day since the soft US data and equity open, but a sudden break of the 1400 level in the S&P 500 has seen sharp correlation moves across USD pairs.
European Equities have continued to decline with The DAX down 1.54%. The S&P 500 has just broken support at 1400 whilst commodities are broadly up on the day. Crucial Spanish yields have extended their rise to 6.612, up 2.24% on the day whilst Italian equivalents have subsided this afternoon.
Much like the majority of pairs today, volume and momentum look to be light as market participants look towards tomorrows Jackson's Hole Symposium for clues as to Fed Chair Bernanke's plans for the US recovery. The analysts at Forex Ticket see USDCHF continuing to range throughout the US session with price finding support and resistance between 0.959 and 0.955. Price has ranged throughout the day since the soft US data and equity open, but a sudden break of the 1400 level in the S&P 500 has seen sharp correlation moves across USD pairs.
European Equities have continued to decline with The DAX down 1.54%. The S&P 500 has just broken support at 1400 whilst commodities are broadly up on the day. Crucial Spanish yields have extended their rise to 6.612, up 2.24% on the day whilst Italian equivalents have subsided this afternoon.
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