Intraday Market Thoughts

Archived IMT (2010.01.08)

by Ashraf Laidi
Jan 8, 2010 17:53

OIL REMINDER: Traders must realize oil will have its first weekly close above its 100-wk MA for the 1st time since Dec 08. We warned in our Tuesday article of an oil breakout above 82 and 89 despite a robust USD. This may be at odds with our expectations for USDCAD to regain the key resistance of 1.0440 SWISS FRANC IS THE HIGHEST PERFORMING CURRENCY OF THE DAY (beating JPY, NOK & AUD) and USDCHF remains in line with our HotChart respecting the 1.0380 resistance and the 1.02 interim support. Stay with USDCHF as a short hedge of USD longs.


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