Swiss Franc continues to rise broadly today, with additional help from selloff in Euro. The common currency is weighed down by Germany CPI, which unexpectedly slowed in June. But for now, Aussie, Sterling and Yen are even weaker than Euro. On the other hand, Canadian Dollar is second strongest as supported by rebound in oil prices, while Dollar is third. Technically, GBP/CHF's falls through 100% projection 1.3070 to 1.2134 from 1.2598 at 1662 and there is no sign of bottoming yet. Outlook will remain bearish as long as 1.1800 resistance holds, for 161.8% projection at 1.1084, which is close to 202 low at 1.1107. The decline in GBP/CHF could accelerate further if EUR/CHF takes out 0.9970 low with some power. In Europe, at the time of writing, FTSE is down -0.15%. DAX is down -1.58%. CAC is down -1.08%. Germany 10-year yield is down -0.0039 at 1.590. Earlier in Asia, Nikkei dropped -0.91%. Hong Kong HSI dropped -1.88%. China Shanghai SSE dropped -1.40%. Singapore Strait Times dropped -0.17%. Japan 10-year JGB yield dropped -0.0016 to 0.232. |
