Forex: USD/CHF stabilizes at 0.9674.
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USD/CHF
FXstreet.com (Barcelona) - Following a seemingly disastrous morning for the pair, in which greenback found itself under siege against the riskier Swiss Franc, the pair has stabilized at 0.9674 on the heels of a Spanish auction that appears to have settled the market somewhat.
In Spain, the government sold ¬3.53B of 12-month debt at 3.070% (from 3.918% previously) and ¬0.98B of 18-month debt at 3.335% (from 4.242%). The bid to cover ratio was of 1.9 (from 2.2) and 4.0 (from 3.7), respectively.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., The pair remains under pressure as fresh weakness accelerated on a break below higher base at 0.9700. As short-term structure remains negative, our immediate focus turns towards 0.9655, the key short support. The previous range floor and support at 0.9700, now offers initial resistance. A break below 0.9655 will enable additional supports at 0.9600, 0.9550 and finally 0.9500.
In Spain, the government sold ¬3.53B of 12-month debt at 3.070% (from 3.918% previously) and ¬0.98B of 18-month debt at 3.335% (from 4.242%). The bid to cover ratio was of 1.9 (from 2.2) and 4.0 (from 3.7), respectively.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., The pair remains under pressure as fresh weakness accelerated on a break below higher base at 0.9700. As short-term structure remains negative, our immediate focus turns towards 0.9655, the key short support. The previous range floor and support at 0.9700, now offers initial resistance. A break below 0.9655 will enable additional supports at 0.9600, 0.9550 and finally 0.9500.
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