The USD/CHF pair didn't move much on Wednesday, but the fact that the USD rose against most other currencies, and this pair just sat at the massive 0.80 psychological level leads us to believe that the market is very comfortable at this low level, which of course means that below it isn't a big deal either.
The USD/CAD pair rose on Wednesday as the oil markets fell as well. The CAD seems to be held hostage by the CL and COIL contracts lately, and as such - we think that these pullbacks in oil are punishing the Loonie. The pair bounced form the 0.9450 support level, and we think that there will be selling opportunities at higher levels. The trend is down, and as such....we only sell. We are simply waiting for that rally to sell. We would also be interested in selling if we can get below 0.94 or so.
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