 Swiss Franc is strengthening notably today, but selling focus has somewhat shifted from Euro to Sterling. Still, the franc is outshone by New Zealand Dollar, which is overwhelming the strongest. On the other hand, Yen is the weaker one following extended risk-on sentiments from Japan to Europe. Sterling is following closely as second weakest. Dollar is mixed with Canadian. Technically, selloff in GBP/CHF today suggests that corrective pattern from 1.3070 is ready to resume. Break of 1.2467 support will target 1.2259 resistance turned support next. If that happens, we'd pay attention to 1.3646 support in GBP/USD, 0.8474 resistance in EUR/GBP, as well as 0.9101 support in USD/CHF. Price actions in these pairs should reveal whether it's Sterling's weakness, or Franc's strength, or both. In Europe at the time of writing, FTSE is up 0.36%. DAX is up 0.67%. CAC is up 0.74%. Germany 10-year yield is up 0.031 at -0.073. Earlier in Asia, Nikkei rose 2.61%. Hong Kong HSI dropped -0.88%. China Shanghai SSE dropped -0.08%. Singapore Strait Times rose 0.65%. Japan 10-year yield dropped -0.0030 to 0.097. |
