With the completed correction for the US Dollar, measured by the USDX the initial target objective above the 81.10 basis point. This was indeed supported with the better than expected Non-Farm Payrolls & unemployment figures of 200k showing US jobs and economy improving than most have expected. Since investors on both sides of the continents have been so used to the negative reports may have been so reluctant to at least have a positive outlook did had been waiting for some actual facts before accepting the fact that things do change for the better after a worst case scenario.
USDCHF Rallies with USDX
Although, one thing needs to be considered that a certain price action and market play would never show the next best move and could simply through off the trade set-ups by misguiding price fluctuations before the news today. This is where technical figures have been supported by the fundamentals even before it happened. Where the USDX rallied to its best performance thus far along side with the USDCHF achieving its 1st resistance objective at 0.9550 and the GBPUSD at the 1.5350/75 range support. Pullbacks towards the closing for the week would be expected and wouldl justify the 2nd leg higher for the US dollar has been confirmed with the NFP report. As spill over for the coming week would depend on increase volume and volatility as we start the trading weeks ahead with vigor amongst the institutional players hereunto.
No comments:
Post a Comment