The USD/CHF is presently testing the 0.80 level, a level that very few would have seriously considered just one year ago. The truth is that the USD is getting punished for the behavior of the President and Congress in DC, and will continue to be until some kind of deal can be reached. The level looks like it could be massive support, but don't we remember when 0.90 seemed completely unimaginable? How about parity? We like selling rallies and new lows. Same formula as before - but hey....it keeps working!
The EUR/USD has risen above 1.45, which is astonishing if you think about how recent the issues in Greece were front and center. Because of this, we believe the flight from the USD will continue. The pair seems to be benefiting from Dollar weakness.....not necessarily because it is suddenly is safe to loan Europeans money. This pair should be kind of bullish, but choppy for the foreseeable future.
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