USD/CHF Moves Lower As Dollar Pressure And Higher KOF Support The Currency
By Greg Michalowski on June 26, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The pressure on the dollar is too much for the USDCHF today despite intervention ideas. Although there has been talk of intervention to sell the Swiss over the last few days (buying of USDCHF and EURCHF), with the dollar bearishness today and talk of diversification out of the dollar, the risk of intervention in the USDCHF at least, might be less today. In addition, the KOF Economic Barometer rose to -1.65. This was the highest level since March. The KOF Economic Barometer is designed to predict the direction of the economy over the following 6 months. Although higher, the index remains near low levels (See chart above). The expectation was for a rebound to -1.75.

The midpoint of the move higher off the intervention over the last few days comes in at the 1.8027 level. This level will be watched as initial support in the NY trade. A move below the level targets the 1.0780 level.
On the topside the 100 and 200 hour moving average come in at the 1.0847 to 1.0850 level. Above those levels, the 1.0885 level should provide reason to pause.

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