0.93355-42 has a number of technical levels
The USDCHF has moved down today (the CHF is the strongest currency today), and in the process, has moved down to test a cluster of support defined by:
CAD at the weakest since June 27, 2017
The USDCAD has moved to new session highs. The CAD has not been this week since June 27,2017.
Technically, looking at the daily chart above, the price targets a topside trend line at 1.3258.
Trades at session highs
The S&P and Nasdaq are staging a little recovery after the swoon in early trading and trades at the day highs.
The Dow is down -182 points. It lags the broader indices.
Lower on the day
The USDJPY is lower on the day. Lower stocks in Europe and US seem to be leading to a safety bid to the JPY.
Technically, the price just moved back below the 100 hour MA (blue line) at 110.44. The highs for the day did a good job of stalling near a topside
May index 70
he NAHB housing market index for June came in at 68 versus 70 expected. That was also lower than the 70 in May.
The index remains near high levels but off the December high at 74.0. That was an 18 year high.
Fallout from Draghi remains
The fallout from Draghi’s presser on Thursday remains. Yes…the EURUSD did correct higher on Friday, but the move was minor relatively. The high reached 1.16264. That was well short of the 38.2% of the move down at 1.1660 (see chart below).
Major indices have solid declines across the board
The major US indices are opening with solid declines. Worries about trade continue to weigh on the market.
Not a good start to the week.
In the US debt market, yields are lower:
Ex San Francisco Fed Chair, takes over in NY
Today is the first day for the new NY Fed President.
John Williams, who was the President of the San Francisco Fed, is taking over the more powerful NY Fed from the retiring William Dudley. The NY Fed Pres. has a permanent position on the FOMC board
What are the traders leaning against?
I try to figure out what traders are leaning against. If you can lean against a level, you can define and limit your risk. IN an up and down market, you can try to trade extremes.