Intraday Market Thoughts

Archived IMT (2009.04.23)

by Ashraf Laidi
Apr 23, 2009 20:15

EURCHF could be set up for a bounce as the SNB gets nervous again about CHF strength. The line-in-the-sand for the SNB has been 1.5080s at which point SNB says "no more" and threatens to intervene to sell CHF again as it did over past 4 weeks. Technically, the line-in-the-sand coincides with the 100-day mov avg. Stochatics also suggest oversold action in EURCHF. Consider 1.52 target with limit @ 1.5040 i.e. just below the 55-day MA.


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