USD/CHF (1.0147) is up slightly overnight on positive general market sentiment.
Technicals:
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Trend: daily lower; weekly lower.
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Overbought/Oversold (stochastics): Daily oversold; Weekly oversold.
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Support/Resistance levels: Resistance lies at 1.0641 (Jul27 high), 1.0676 (Jul12 high) and 1.1742 (Apr’09 high), while support lies at 1.0065 (Sep1 low) and 0.9918 (Dec low).
Positioning:
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The risk reversal (3m, 25delta) bounced overnight with the rise in spot. The skew is extreme, suggesting potential for a rally in spot.
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Implied Vol (3mo) slipped overnight from a high since Jun. Vol remains in the middle of its six-month range.
Cross-asset valuation: USD/CHF has correlated mostly strongly during the past 60 days with EUR/USD (negative) and the USD index (positive).
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