Not even poor retail sales figures could keep the Swissy selling going! After back-to-back days of serious losses, the franc made a mild recovery to start the week, as USD/CHF traded as low as .9546 before finishing at .9578, 14 pips below its opening price.
Retail sales came in worse than expected, printing a decline of 0.9% last month. This was a total opposite result from the anticipated uptick of 1.0% and a poor follow-up to the 2.3% uptick from the month before. Nevertheless, the franc bulls were able to overcome the disastrous report and edge higher on the day.
With no hard data scheduled for release today, I don’t expect USD/CHF to shoot off to any new highs or lows. Nevertheless, make sure you hit up my USD commentary to find out what reports may dictate trading during today’s New York session.
Where did all the bulls go? Just when we thought that the franc is on its way to erase its recent losses, it fell sharply against its major counterparts. USD/CHF shot up by 77 pips while EUR/CHF also went up by 67 pips.
Switzerland didn’t print any major news yesterday, so the franc was at the mercy of its counterparts’ price action. And as I hinted in my USD writeup, the Greenback’s strength didn’t leave room for argument on who was king of pips yesterday.
Will the franc get a chance at dictating its own price action today? Switzerland will release its PPI numbers at 7:15 am GMT today, followed by the ZEW economic expectations out at 9:00 am GMT. These reports don’t usually inspire strong price action, but you could probably get decent retracements if you think that the franc’s weakness will continue over the next couple of days.
Ah ha! The Swiss franc showed the dollar who the boss was in yesterday’s trading. USD/CHF didn’t sustain its rally above .9700 yesterday and closed 20 pips lower from its opening price at .9649.
Some argue that the franc’s win could have only been because of profit-taking on dollar longs. So be wary! Our forex calendar is once again blank for data from Switzerland today. Market sentiment may once again dictate the currency’s fate on the charts. If you’re trading the franc, remember that it tends to do well when risk appetite is up. Good luck!
USD/CHF had quite a topsy-turvy trading day as the pair tumbled below the .9600 major psychological support level during the London session then recovered back to the .9650 area towards the end of the day. What was that all about?
Switzerland didn’t release any economic data during the day, as USD/CHF was mostly driven by the outcome of U.S. releases. Unfortunately for the pair, most of the reports fell short of expectations, triggering a dollar selloff.
For today, there are no economic reports due from Switzerland once more, which suggests that USD/CHF could be very sensitive to U.S. data once more. If you’re trading this pair, better watch out for the release of the preliminary consumer sentiment report from the University of Michigan, as this could have a huge impact across the dollar pairs today. Good luck!
After dipping below the .9600 major psychological level on Thursday, USD/CHF made a strong comeback the very next day as it bounced back above the .9700 level and ended the week at .9706. Can this pair head any higher this week?
Switzerland didn’t release any economic reports on Friday so the franc was practically defenseless against dollar strength. The U.S. printed a better than expected consumer sentiment report, which provided enough support for the dollar that day.
Swiss banks are on a holiday today, which means that there are no reports due from Switzerland and that the franc could be in for a quiet trading day. In fact, there are no major Swiss reports scheduled for the rest of the week, as SNB head Thomas Jordan’s speech on Wednesday is the only red flag for the franc.
With that, make sure you keep close tabs on U.S. data and market sentiment if you’re planning on trading the franc pairs this week!
Finally, some decent gains for the Swissy! After getting bullied by the dollar for the past week, the Swissy managed to do some damage of its own. It started the week with a 61-pip gain as USD/CHF fell to .9666.
Surprisingly enough, the Swissy was able to give a pretty strong performance even though Swiss traders were chilling on the sidelines in celebration of Whit Monday. But will their return help the Swissy or do it more harm? So far, the Swiss currency hasn’t been doing a good job of holding on to its gains – USD/CHF is already a handful of pips above today’s opening price.
With no reports coming out of Switzerland, it looks like we’ll have to keep our eyes on risk sentiment and the U.S. for cues on trading USD/CHF today. Stay on your toes, folks!
It was good while it lasted! The franc erased almost all of its Monday gains on the dollar and the euro as USD/CHF popped up by 33 pips while EUR/CHF climbed by 59 pips. What’s up with that?!
We didn’t see any reports from Switzerland yesterday, so the franc had no choice but to dance to the tune of its counterparts’ price actions. That doesn’t necessarily mean that the same thing will happen today though.
At 10:00 am GMT SNB Chairman Thomas Jordan is set to have a speech in Frankfurt. Whether he joins the currency war and talks down the franc or hints at the central bank’s future monetary policies, make sure that you don’t miss this!
With the dollar on a roll, USD/CHF broke higher to new highs, as it rose 76 pips to finish at .9775. Will we see another bullish move today?
One reason for the franc’s demise yesterday was comments made by SNB President Thomas Jordan, who said that the SNB could alter the EUR/CHF if necessary. He warned that the appreciation of the franc could have “grave consequences” on the Swiss economy.
Naturally, this spooked all the franc bulls out of the market, as this signifies that the SNB will do whatever it takes to support its peg!
Nothing lined up for the rest of the week, but it’ll be interesting to see whether the anti-CHF sentiment can last throughout the week! Good luck trading!
The Swiss franc showed that it’s made of sterner stuff yesterday as it was able to rally strongly versus the U.S. dollar. USD/CHF began the day at .9776, dropped as low as .9633, and then settled at .9682 at the end of the U.S. trading session.
The Swiss franc gained mostly due to comments from the Fed rather than internal economic data. According to a Fed member, the central bank wasn’t really “that” close to withdrawing stimulus measures. This was in contrast to Bernanke’s statement the day prior.
Nothing on Switzerland’s data docket today, so it’s reasonable to say that the Swissy will most likely be moved by data released elsewhere in the world. Also be careful on playing the trend today as it is Friday. Traders could start taking profit on their positions which could lead to pullbacks.
Boo yeah! There weren’t any economic reports released from Switzerland, but there were enough good vibes to go around and hustle the franc for a win against the dollar! USD/CHF finished Friday’s trading 71 pips below its opening price at .9611.
Today, our forex calendar is once again blank for reports for the franc. With that said, make sure you keep close tabs on market sentiment. Usually the currency does well when risk appetite is up, so be on your toes!
Support at the .9600 level held like a boss for USD/CHF in yesterday’s trading before the pair bounced off to a high of .9648. Can this pair keep heading higher today?
There were no reports released from Switzerland on Monday, as most banks were on a holiday. For today, Switzerland will release its employment level report for the first quarter of the year, and possibly show a decline from 4.12 million to 4.11 million. If that’s the case, it would mark the first quarterly decline in employment in over a year and might trigger a sharp Swissy selloff. Stay on your toes for the actual release at 8:15 am GMT.
The Swiss franc got the short end of the stick in the currency arena yesterday as risk appetite killed demand for the low-yielding currency. USD/CHF popped up by 125 pips while EUR/CHF posted a ridiculous 93-pip gain.
It might have helped the franc bears that Switzerland’s data came in mixed yesterday. While the employment level came in at 4.15 million against expectations of a 4.12 million reading, the country’s trade balance printed only a 1.73 billion CHF surplus. That’s lower than the expected 2.02 billion CHF surplus AND last month’s 1.89 billion CHF reading!
Today only the UBS consumption indicator report at 6:00 am GMT is due for release. The data has seen downward revisions for the past three months, and I have a feeling that it won’t be hard to imagine the franc bears striking if this report comes in worse than expected.
Has the Swissy been pumping iron or what?! It flexed its muscles against its major counterparts yesterday, carrying EUR/CHF down 105 pips to 1.2444 while dragging USD/CHF 141 pips lower to finish at .9616. Will it continue dominating its counterparts today?
The UBS consumption indicator printed a nice little uptick in April as it rose from 1.24 to 1.46. Now, this report isn’t usually a big market mover, but it seems to have contributed to the Swissy’s strength because not long after the report came out, USD/CHF and EUR/CHF began to fall.
If you’re looking for more Swiss reports to trade, all you have to do is wait until 5:45 am GMT, when Switzerland is scheduled to publish its Q1 2013 GDP report. Forecasts have the Swiss economy clocking in another 0.2% growth. Don’t even think about missing this one! An upside surprise could trigger another Swissy rally!
How about a round of applause for the Swiss? Not only did GDP figures come in better than expected, but it also posted another convincing victory against the dollar! USD/CHF closed 82 pips lower to finish the day at .9534.
Quarterly GDP figures came in much higher than initial forecasts, as the report showed that the Swiss economy grew by 0.6% last quarter, three times the anticipated 0.2% figure. This marks a nice follow up to the upwardly revised 0.3% we saw the previous quarter.
Later today at 7:00 am GMT, the KOF economic barometer report will be made available. Word on the street is that the index should post a reading of 1.08, which would mark a slight improvement from the 1.02 we saw last month. If this comes in much better than expected, it could provide the franc bulls the juice they need to keep pushing forward.
Without any economic data on tap, the franc just couldn’t bust a move! In Friday’s trading, it gave up some of its gains to the dollar. USD/CHF bounced off support around .9550 to finish the day with the franc sustaining a 28-pip loss at .9563.
I wonder how the currency will do in today’s trading when the SVME PMI report for May is released later. Due at 7:30 am GMT, it is expected to print at 50.9. Should the actual figure come in higher, we can probably see the franc continue its rally against the dollar. Make sure you don’t miss it, okay?
The combination of good data from Switzerland and bad data from the U.S. enabled the Swissy gain significant ground versus the Greenback yesterday. The USD/CHF, which opened the day at .9567, closed the day almost 100 pips lower at .9473.
The SVME Purchasing Mangers’ Index that was published yesterday came in better than expected. It came in at 52.2 versus the 50.9 forecast. In contrast, the ISM Manufacturing PMI from the U.S. failed to meet forecast and printed a reading of 49.0. The consensus was for a 50.6 reading.
No data on deck today for Switzerland. This means that the Swissy will most likely get its price action cues from data released elsewhere like the euro zone and the U.S. Keep a close eye on them!
Who played the game “Simon Says” yesterday? The franc did! Switzerland didn’t print any economic reports, so the franc just danced to the beat of its major counterparts. USD/CHF closed as a doji while EUR/CHF inched 6 pips higher.
As I mentioned in my other write-ups, we saw slight improvements in euro and dollar demand. Traders must not have been convinced enough though, as the franc pairs ended the day near their open prices. Today we’re not expecting any reports from Switzerland. That doesn’t mean that we shouldn’t watch the franc pairs though. We’ll never know when a need for low-yielding currencies might arise!
Pretty solid day for the franc, as USD/CHF retested Monday’s lows and eventually finished at .9422, marking a 48-pip drop on the day. Will we see more of the same today?
For today, we’ve got the Swiss CPI report on tap at 7:15 am GMT. Expectations are that consumer prices rose slightly by 0.1% last month. To be honest, I don’t think this will have too much of an impact on USD/CHF trading.
Instead, make sure you pay attention during the London session, as the ECB will be making its latest interest rate decision. This could affect EUR/CHF, which in turn could affect all other franc pairs. Be careful trading today homies!
What a day for the franc! Taking advantage of Greenback weakness, the Swiss franc advanced versus the dollar, as USD/CHF dropped 122 pips to finish at .9300.
The franc’s steady performance yesterday had more to do with a wild dollar sell-off yesterday rather than an increase in demand for the franc. With traders positioning themselves ahead of today’s NFP report and stops being trigger on USD/JPY, the franc bulls merely hopped on and enjoyed the ride. Make sure you hit up my USD commentary for more details on why the dollar took such a huge punch to the gut yesterday.
In other news, the monthly CPI report came in as expected, with inflation pegged at just 0.1%.
For today, keep an eye on the SNB’s foreign currency reserves report. Last month, the report showed that the central bank had 433.6 billion CHF worth of foreign currencies in their vault. A number substantially lower than this would suggest that the SNB isn’t as adamant about protecting the EUR/CHF peg, and we could see the franc give back some of yesterday’s gains.
The franc bulls just couldn’t pull off the hat trick! With dollar strength dominating the market place, USD/CHF edged higher to end the week, as the pair ended trading at .9362, up 62 pips for the day.
Foreign currency reserves clocked in at 441.4 billion CHF, up from last month’s upwardly revised 436.1 billion CHF. This just goes to show that our homies at the SNB mean business when they say that they’ll protect the EUR/CHF peg.
Later today at 7:15 am GMT, Swiss retail sales figures will be released. Expectations are that sales rose 2.5% last month, which would mark a sweet turnaround from the 0.9% decline we saw the month before. A better than expected figure could even give the franc bulls enough momentum to erase some of Friday’s losses.