After a very impressive decline which lead the pair below parity, the pair is consolidating above its parity level.
The pair remains well bid after a confirmation of the bullish resumption which resulted in a possible long term reversal (double bottom formation).
It is always the same with the USD/CHF which remains under pressure given the strong bearish trend.
The pair is now back under pressure threatening its yearly low at 76,40. A break below this level would expose further significant decline.
The pair finally broke below 1,62 yesterday to reach 1,6110 near the daily 200 moving average. Considering this breakout, the pressure is now on the downside.
The pair continues to move without a clear directional bias for a few weeks now and it is difficult to build any strategy for the time being.
Market Review – 10/08/2011 21:21 GMT Euro tumbles on concerns over French credit rating and bank woes The single currency tanked against most of its counterparts on Wednesday as investors were worried about a possible downgrade of...
Demand for save-heaven currencies remains high.
ForexPros Daily Analysis August 10, 2011 Euro In Wedge, Pound Broke Range, Yen Near Lows Euro: On the daily, the euro broke its short setups. The euro has now broken its short and it long setups on...
The USD/CAD pair slammed into the parity level on Tuesday as traders sold off everything risk related. However, as the Asian markets stabilized we saw the risk trade put back on and as such, the Loonie was...