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Traders Reduce Risk in Stocks and Sell USD CHF
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The USD CHF broke on the weakness in the U.S. stock market. Today's break in the stock market was caused by profit-taking in the financial stocks and the perception that consumers will be cutting back on spending.
Traders reduced their demand for risk and reward by paring back positions in the USD CHF. Some traders feared a return to the bearish conditions seen earlier in the month. This encouraged a return to a safer currency like the Swiss Franc. Look for the start of a pullback to 1.0207 to 1.0161. The first line of support is 10250. The main resistance is at 1.0391 to 1.0396. Next Analysis:
Content Provided by:
James Hyerczyk
James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association. Mr. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using ...
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