AUDCHF's Fundamental Bounce

by Ashraf Laidi

Mar 3, 2009 13:20

AUDCHFs sharp spike reflects the overwhelming shift towards higher yielding currencies away from lower yielders such as the CHF on a combination of the relative stabilization in global risk appetite and the Reserve Bank of Australias decision to not cut rates. Todays rally is especially driven by fundamental dynamics (RBA decision and two stimulus packages), which makes it likely to extend towards the 76-cent figure, followed by 76.50s50% retracement of the decline from the 0.79265 high to the 0.7380 low.

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