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Market Recap: 8 - 12 April

 

 
On Tuesday last week we covered the USDCHF which finished the week continuing to move higher and significantly breaking back through the key $1 level. This level continues to play a role with this currency pair and more recently had offered resistance to the USDCHF a week or so ago preventing prices from moving any higher.
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Market Recap: 4 - 8 February

 

 
On Tuesday last week we covered the AUDUSD which continued throughout the week to move strongly lower after running into resistance at the 0.73 level. Leading up the 0.73 level, the AUDUSD rallied well to move past the key 0.7150 level and reach a two month high around 0.73 before it was sold off.
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USDCHF - Gravitates to 1 as SNB Concerned with Disorderly Brexit

 

 
In the last few weeks the USDCHF has slowly but surely climbed higher after dropping to its lowest levels in several months, moving back up towards 1 and parity, where it has run into a wall of resistance. Throughout November and into December, the 1 level has played a role repelling attempts to push higher and so it is doing so again presently.
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USDCHF - Keeps Within Reach of 1 as SNB Keeps Expansive Policy

 

 
In the last week the USDCHF has rallied higher after dropping to its lowest levels in several weeks, moving back up towards 1 and parity, although it has eased again in the last 24 hours. In the middle of last month the USDCHF fell reasonably sharply from an 18 month high above 1.01 down through the key 1 level and to the low around 0.9860. Throughout September and October the USDCHF moved very strongly from a six months low below 0.9550 up to the highest level in 18 months just above 1.01. After the high it spent a couple of weeks consolidating above the parity level enjoying some reasonable support from the 1 level.
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USDCHF - Settles Above 1 as SNB Urges Patience

 

 
The USDCHF has moved very strongly in the last couple of months from a six months low below 0.9550 up to its highest levels in 18 months just above 1.01. In the last couple of weeks it has consolidated above the parity level enjoying some reasonable support from the 1 level. The first couple of weeks of its recent surge higher was quite pronounced as it moved strongly towards the key 1 level. For an extended period through June, July and August the USDCHF traded in a narrow range just below parity as it met stiff resistance from that level. The USDCHF did push through 1 for a short period reaching a 12 month high above 1.0050 around mid-July, which has recently been passed.
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USDCHF - Drops to Five Month Low Under 0.96 after SNB Holds

 

 
The USDCHF has fallen strongly in the last month moving from the key level of 1 down to a new five month low just below 0.96 in the last 24 hours. There has been little support along the way in its decline during that period with few signs of buyers willing to jump in at lower levels. For an extended period prior to the fall, the USDCHF traded in a narrow range just below parity as it met stiff resistance from that level. The USDCHF did push through 1 for a short period reaching a 12 month high above 1.0050 around mid-July.
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USDCHF - Eases from Resistance at 1 after SNB Meeting

 

 
Even though the USDCHF has rallied a little in the last 24 hours, the last couple of weeks have seen it ease off slightly from the key resistance level at 1 after it enjoyed a solid rally from a several week low below 0.98. Parity remains a key level and is likely to continue to influence price. It was only earlier last month that the USDCHF eased slowly, but steadily from its recent multi-month highs above 1. Prior to the recent decline, the USDCHF has moved very strongly from multi-year lows below 0.92 in February up to around parity in early May. The surge higher was quite pronounced between mid-April and mid-May which saw the pair move 400 pips.
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USDCHF - Resistance around 1 Passes Test Again

 

 
The last few weeks have seen the USDCHF ease off slightly but steadily from its recent multi-month highs above 1. This has resulted in the USDCHF trading at around a six week low above 0.98. Prior to the recent decline, the USDCHF has moved very strongly from multi-year lows below 0.92 in February up to around parity a few weeks ago. The surge higher was quite pronounced between mid-April and mid-May which saw the pair move 400 pips. The run ended however as it moved to the now established congestion zone and resistance level around 1.
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USDCHF - Consolidating around Parity at 1

 

 
The last few months have seen the USDCHF move very strongly from multi-year lows below 0.92 back up to around parity in the last couple of weeks. The surge has been more pronounced over the last month or so which has seen the pair move 400 pips. Only back in October and November last year the USDCHF run into resistance right around the 1 level where it attempted to move higher for a couple of weeks. The resistance eventually stood tall and the pair moved lower down to a 2 ½ year low below 0.92.
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USDCHF - Resistance at 0.9450 Pushing Hard

 

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