Prepared by Ken Veksler, Senior Manager, Trading & Advisory, Saxo Bank
Fairly quiet overnight as almost everyone expected the only exception to the rule was the EURCHF which had an ugly move lower trading into 1.4815 but then quickly rebounding into 1.4925 at the time of print.
Hard to know what (if anything) is going through the minds of the SNB but needless to say the market is now anxiously awaiting their involvement. I am not even prepared to offer an opinion here other than to say that this move in my view was long overdue and I’m happy to see it happen.
Moving swiftly on looking at the broader market and I have nothing for you, it’s the week leading into Christmas and to all I suggest getting the last bit of your shopping in and staying warm with loved ones. The last thing any of you should be doing is looking at this market with a view to getting involved.
However, for those of you that can’t help yourselves, here’s a brief synopsis;
EURUSD: Lower, look for 1.4280 to break and 1.4250 to be touched within the next few days.
GBPUSD: Keep selling it, 1.6350 marks the overall peak for now.
USDJPY: Play the range, 90.80 down to 88.80
AUDUSD: Sell rallies.
There will be more comments this week, but as you can plainly tell they’re not going to be as inflammatory or as exciting as my previous attempts.
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