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SNB Intervention Clips the Swissy and Propels EUR/CHF

Posted on June 24, 2009 at 7:44 in Commentary, Market Analysis by Tim Salem

 

Greetings again, Everyone!

While we await U.S. Durable Goods Data Points, we check in on The USD/CHF and especially the EUR/CHF as Swiss Intervention comes in yet once again at The Massive 1.5000 Handle.

Bullish Views seen earlier in The Euro provides some “Cross-Current” Momentum to slam the Swissy Itself, as the Dollar rolls on at the 1.0650’s Area… as well as the Euro Swissy giving another Deep and Clear Opportunity at the 1.5000 Handle.

As The Central Banks, in general,  work through Transparent Intervention… it is surely an Advantage for Speculation in The Currency Markets, as It is often Publicized and not Covert… as all a Central Entity needs is to move The Exchange Rate where they want it.

Nice and Simple.

The Direct Commentary and Activity speaks for itself!

The 1.5000 Area on Euro Swiss is The Key in these Cases.

 

Give The Captures a Click for Various Levels of Reference, and Post-Time is 12:45 GMT.

 

The Swissy needs to hold the New 1.0800 Static Support Area to hold onto the Majority of The Dollar Momentum. If Price Breaches this Area, then clear Corrective Behavior is seen through to 1.0760 in the Immediate-Term.

 

 

 

 

The Euro Swiss is quite similar, as Durable Goods Orders comes in slight Positive as The Dollar Index creeps north a few Ticks… and the 1.5220’s Dynamic Resistance will either Contain Price, or form a New “Transitive Rollover” Resistance-becoming-Support Area.

Here is The Daily for a clear Illustration on the Swiss Intervention Activity… and one of the “cleanest” Range-Bound Areas I have personally seen in some time. Anchoring Price between the 1.5000 SNB Pegged Level of Support,  and the 1.522Os’s Dynamic Resistance leaves plenty of Opportunity for IntraDay Work for those of you who prefer those Working Perspectives.

 

 

 

 

 

As always, more Updates to come with New Homes Sales and our FOMC later today, so please join me Soon!

:-)

 

 

 

 

Tags: break, channel, Durable Goods, dynamic, EUR/CHF, intervention, level, range, resistance, static, support, Swiss National Bank, USF/CHF

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