Intraday Market Thoughts

Archived IMT (2010.01.11)

by Ashraf Laidi
Jan 11, 2010 12:51

Dollar drops across the board, followed by the yen on a combination of rising risk appetite from strong Chinese trade figures as well as disappointment from US payrolls. GBPUSD resistance remains at the $1.63 trend line from the Nov 17 high and USDJPY still intact at the 92.20 trend line foundation. Oil breaks out to 83.90 as we warned in the latest article More Euro Losses Ahead, but that also means USDCAD deviates further from our 1.038 target, now aiming for next support at 1.0230. CHF did move lower after remarks from SNBs Hildebrand said bank to continue to PREVENT EXCESSIVE FRANC appreciation vs. EUR but EURCHF is now retreating lower as FX traders require actual intervention. USDCHF capped at 1.02 for fresh push towatds 1.0130s.


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