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USD/CHF Spain rains on Greece’s parade

By FXstreet.com,  June 18, 2012, 06:31:00 AM EDT

Fxstreet.com (Barcelona) - After a rosy start to the European session Monday and on the heels of optimistic attitudes and electoral results in Greece, lingering concerns over the Spanish economy have once again come to the fold. Spanish yields for a 10-year bond have risen to 7.14%, above the key psychological level of 7% - the yield obtained in Portugal, Ireland, and Greece prior to resorting to bailout measures. This gloomy news has triggered a palpable sense of risk aversion, which has created downward pressure on the Swiss Franc in favor of the greenback.

In light of these developments, the cross is now advancing at a rate of +0.49 % with the next threshold of resistance at 0.9511, then 0.9573, and finally 0.9608. Conversely, the currency pair will be buffered by supports at 0.9414, 0.9379, and ultimately 0.9317, according to the Mataf.net analysts.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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