Flights into the relative safety of the JPY and CHF, but are they bottoming?
The USDJPY and USDCHF have similar charts as traders feed into the “relative safety of the JPY and the CHF”. The JPY is the strongest of the majors followed by the CHF.
Technicallly, each moved below a low from August 5th but both also stalled the fall before the lows from yesterday. Are traders trying to form a bottom?
Buyers may be leaning, but should the lows be taken out, I would expect stops to be triggered.
The pressure on stocks, bonds and gold is easing a bit and so is the pressure on the USDJPY and USDCHF – at least for now.
- Dow is down -332 points now after falling to -589 points at the low
- 10 year is at 1.6282% after trading as low as 1.5931%
- Gold is back below $1500 at $1497 after trading as high as $1510.50
Crude oil is down $-1.55 or -2.87% at $52.10. The low reached $51.39. Crude oil inventories from the DOE will be released shortly with crude oil inventories expecting a drawdown of minus 2700K versus minus 8496K last week. The private data showed a draw of minus 3400K yesterday.