Commodity FX (CAD AUD NZD NOK)

The stronger Euro helped push down the USD CHF because it relieved pressure on the Swiss National Bank to continue to intervene in order to weaken the Swiss Franc and protect the Swiss export market. Technical factors contributed to the weakness as two key support areas were taken out early this morning, triggering an acceleration to the downside. The charts indicate that 1.1064 is the next downside target.

There was very little moment in the commodity-linked Australian, New Zealand and Canadian Dollars. Despite stronger equity markets early in the treading session, traders for the most part shied away from risky currency markets. Weak U.S. economic data most likely contributed to the lack of buying in these currencies.

The AUD USD is nearing a key resistance level at .8727. The current rally looks tired which could mean that another round of weak economic data will send it lower. The chart indicates there is room to the downside with .8377 the next likely downside target.

Thank's Said

juno
as long as oil move up and i think it will go 78ish cad will strenghen but on the mt i foresee 1.0650 for usdcad

I saw this one coming send dow down 80 90 points 40 50 move in S&P and then make every one believe its easy as buying on dips on intraday. But how this game play is going to end will be nothing less remarkable. I think we've already seen much high and lows already.

Now i'll be more interested in the sugar coating that is to follow.

station,

I agree !