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CHF

Bobbys Corner-Open Market-Sept.7.2011

Good Morning:

Swiss nationals welcomed the decision by the Swiss Nat’l Bank to halt the appreciation of the CHF.  The exporting sector has been reeling the past few weeks with the appreciation of the CHF-as the cost of chocolates,cheese, Swiss knifes, watches,  and all other exported products reached sky high levels.

Bobbys Corner-Open Market-Aug.18.2011

Good Morning:

CHF softened in overnight trading versus the USD and EUR, as speculation that the Swiss National Bank will institute further measures to slow their rising currency.
The USD and JPY saw additional strength prior to this morning’s US data on inflation.  Market participants are expecting the data to show that inflation is not enough of a factor to have the Fed initiate Q3, or 4 or 5- whatever you want to call it.

Bobbys Corner-Open Market-Aug.17.2011

Good Morning:

FX markets were disappointed at the announcement by the Swiss National Bank regarding the weakening the CHF.  The idea of a peg against the Euro was discounted for now-as the SNB made no additional comments regarding this proposal.
The CHF rose again after the SNB’s lack of commitment regarding pegging the CHF to the Euro.  For the SNB to peg the CHF to the Euro-it would cause the SNB to have a program of unlimited intervention to keep the peg  maintained.

Rumors of Swiss intervention thwarted by SNB’s comments

The Swiss National Bank’s spokesman Meier declines comment on Chf movement. In recent trade the franc has weakened against the Eur and Usd making new highs of 1.0473 and 0.7298 respectively.

Bobbys Corner-Open Market-Aug.3.2011

Good Morning:

The Swiss National Bank seems to have had enough of the recent strength of the CHF, and they came out swinging as they cut rates in a surprise move to the marketplace.  The franc fell after the announcement, as the Swiss government is concerned that the strength of the franc will undermine the county’s economic recovery.
Analysts feel that the rise in the CHF will only be temporary-as the franc is used as a refuge in uncertain times.  Until the nervousness in the markets slow, (which there is no sign of in the immediate future), the franc will continue to attract investors. 

USD/CHF testing daily resistance @ 50.0% fibo level

It’s been a pretty slow session thus far with some comments from ECB’s Nowotny on the status of Greece and its involvement going forward with the Euro-zone; we’ve also seen European stocks open a little lower.

With a session high of .98377, the USD/CHF came awfully close to the 50.0% line on the daily move from April 1st highs to the low on May 4th; Friday’s high also tested the .89454 level. If resistance continues to hold, on an hourly chart the next level lower is .8889; the 23.6% on the move from May 9th low to Friday’s high.

There is no Swiss data scheduled to be released tonight.

Swiss unemployment 3.1%; better than expected.

The market had a limited reaction to the release.

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