US Dollar at Risk for Further Declines versus Euro on FX Positioning
Euro Will Struggle to Develop a Trend with Greece Back in the Headlines
Japanese Yen: Speculation for Intervention to Intensify Ahead of BoJ
British Pound May Rise as Bank of England Releases Meeting Minutes
Swiss Franc Vulnerable As SNB Threat Grows
Canadian Dollar on Pace for Parity Against the US Dollar
Australian Dollar May be Losing its Cache as the Only Carry Currency
New Zealand Dollar Drivers Lacking, Ranges Set to Persist
Swiss Franc Vulnerable As SNB Threat Grows
Fundamental Forecast for Swiss Franc: Neutral
- Swiss National Bank leaves benchmark rate unchanged at 0.25%
- Consumer Prices Decelerated to 0.9% from 1.0%, despite a 0.1% increase in February
- The Swiss unemployment rate fell to 4.4% from 4.5%, but was unchanged at 4.1% on a seasonally adjusted basis.
After starting the week on a choppy note the Swiss Franc saw its appreciation begin to accelerate despite the SNB reaffirming their commitment to prevent excessive franc appreciation. The statement came following the central bank’s policy meeting where they left the benchmark rate unchanged at 0.25%. Building optimism and an unexpected surge in Euro-zone industrial production were the main drivers of Franc support to end the week. The Swiss unit has tracked the single currency as its economic fortunes are dependent on the Euro-area’s recovery. Policy makers have looked to limit the local currency’s appreciation against the Euro but despite the threat of intervention the EUR/CHF closed below 1.4600 for the first time in over a year. The Franc also reached the highest level in a month against the dollar and yen as markets reversed the flight to safety flows generated by the issues in Greece.
US Dollar / Swiss Franc | ||||
| Weekly | Daily | Hourly | ||
| Trends |  | |  | |
| Resistances | 1.0805 | 1.07 | 1.068 | |
| Supports | 1.061 | 1.0645 | 1.0665 | |
| Our strategy | ||||
| Entry | Stop | Target 1 | Target 2 | |
| 1.067 | 1.069 | 1.0645 | 1.061 | |
Euro / Swiss Franc | ||||
| Weekly | Daily | Hourly | ||
| Trends | | | | |
| Resistances | 1.4655 | 1.464 | 1.4625 | |
| Supports | 1.456 | 1.46 | 1.461 | |
| Our strategy | ||||
| Entry | Stop | Target 1 | Target 2 | |
| 1.462 | 1.464 | 1.46 | 1.456 | |
USD/CAD - US Dollar / Canadian DollarEntry: 1.0235
Stop: 1.0255
Resistances: 1.037 - 1.0325 - 1.025
Supports: 1.017 - 1.02 - 1.023
USD/CHF - US Dollar / Swiss FrancEntry: 1.067
Stop: 1.069
Resistances: 1.0805 - 1.07 - 1.068
Supports: 1.061 - 1.0645 - 1.0665
EUR/JPY - Euro / YenEntry: 124.15
Stop: 123.85
Resistances: 127 - 125.3 - 124.3
Supports: 121.45 - 123 - 123.7
EUR/CHF - Euro / Swiss FrancEntry: 1.462
Stop: 1.464
Resistances: 1.4655 - 1.464 - 1.4625
Supports: 1.456 - 1.46 - 1.461
AUD/USD - Australian dollar / US DollarEntry: 0.9165
Stop: 0.9135
Resistances: 0.928 - 0.9195 - 0.917
Supports: 0.911 - 0.914 - 0.9155
