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CHF Mid-day Analysis

The Swiss respected the pattern of lower highs overnight. With Russia playing up a food import ban it

With a pattern of higher lows, the bias in the Yen remains up. Increased tensions with China over some

The Dollar remains in vogue and retains an economic and interest rate differential edge.

With the Canadian recovering from a short term oversold technical condition at yesterday’s lows,

Like most currencies, the near term path of least resistance remains down in the Pound.

EUR/USD made a bullish intraday reversalyesterday (hammer). Coupled with the proximityof the key support at 1.3296,

Today’s highlights: USDJPY ideally holds above price support at 101.78/70 to keep the immediate risk higher.

AUD underperformed in Asia trading, down 0.6% to 0.928 on the back of a weak employment report.

EURUSD: Yesterday’s spring bottom (false downside break) certainlyargues for having entered an upside correction phase.

The main event is the ECB Governing Council meeting where we expect the ECB toremain on hold.

After the recent flirtations with the 200-DMA ($1284.3) and remaining capped at the 100-DMA,

German bonds rallied in earnest yesterday, and the curve bull-flattened, as weak economic data and more geopolitical tensions boosted bonds.