US Labour holiday and market undecided with no fresh flows post- NFP data led Asian and European sessions having a quiet day.

EURUSD closing above 1.2855 resistance supported the bullish picture on the horizon over the weekend but market failed to push the price beyond 1.2920 level due to corporate supply after 1.2900 option barrier was taken out.

USDCHF / EURCHF heading south after the news suggesting that “German Banks May Need to Raise $135 Billion on Regulations” and let’s see if the news bad enough to take EURUSD lower as well..

1.2830-1.2925 would be a safe range (1.2875 spot ref.) while 1.2865 appears as a good intraday level to watch today.

USDJPY failing to take the resistance levels out and heading south after each rally makes us feel like a new “EURCHF” status.  A possible double bottom test on its way at 83.6s as market long in xxx-jpy  post NFP with decent stop orders located below the support.

Good Luck All.

Asian and NY investors managed to keep the post-Friday optimism limited yesterday.

The scope of stimulus by BoJ did not impress the market players and that led USDJPY failing to break 86.00.
Equities ticking lower in US and for the rest of Europe on a UK Bank Holiday brought risk aversion / take profit related selling pressure to xxx-jpy in addition to BoJ disappointment.

Directional sellers capping the topside in USDCHF around 1.0310/30 area in Asian session yesterday help to boost the Franc strength on a risk averse day and pair traded down to 1.0237. The good support still remains solid between 1.0215-1.0230 for the pair which held it firmly last week.

EURUSD, despite further QE belief in the market, printed the lows in a stop-loss rush price action this morning at 1.2633 after 1.2775 resistance held it firmly yesterday.  We hear good demand starting around the good support of 1.2620.  A daily close below this support changes the outlook for EURUSD and opens the further downside risk for 1.2475/1.2490 area.  Short position stop orders reported above 1.2750 on the topside.

I believe we trade in a 1.2615-1.2685 range in Asian session today.

Good Luck All.

level here in USD/CHF between 1.0220-40.
Seems to be decent enough to be long against.

I bot the EUR/CHF against my EUR shorts from yesterday
and sit long USD/CHF now.

Will S/L sub 1.0187 and hope for a decent rebound.

Grasping straws here I suppose  -  but decent level to give it a shot.

A lower EURUSD may bring a possible bounce in USDCHF due to natural correlation despite risk aversion / flight to quality interest in CHF pairs while 1.31 sounds supported in EURCHF. If EURUSD fails to break lower and bounces in addition US interest rate differentials with better economic indicators from China and US, then we may see the re-positioning of flight to quality interest in EURCHF which may bring support to USDCHF with a possible rally of EURUSD and EURCHF at the same time.

For those who looks for a contra-trade with a good risk/reward pay out, please bear in mind to go long at 1.0830 (200 days WMAVG at 1.0831) and 1.0796 (76.4 % Fibonacci retrace of 1.0507 to 1.1731 rally) with a tight SL at 1.0730 (low print of 3rd of May, 2010) to take profit at 1.10  and 1.1123 ( 38.2% Fibonacci  retrace of 1.1642 to 1.0802 drop).

USD/CHF sitting on key support here 1.0480-00. Sitting long ahead of it, with S/L sub 1.0460. Hope to see it back in the 1.06s.

EUR/USD similar to USD/CHF. Massive resistance ahead at 1.3680-00. I am smalls short ahead of it, with S/L through 1.3620.