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Forex: USD/CHF rises as ECB's Praet advises investors

While the EUR/USD falls during the US session, the USD/CHF is doing the opposite path, as it rises towards the 0.9200 mark, having already returned to the daily high printed at during the European morning, at 0.9193.

Headlines coming from the ECB are getting market attention as Chief Economist Peter Praet advised investors not to rely so much on the central bank.

“The USD/CHF currency pair is still consolidating near its maximums; the price may continue consolidating near the level of 0.9180”, wrote Roboforex.com analyst Igor Sayadov. “I think today the pair may leave this consolidation channel downwards and start a correction. The target of the correction is at 0.9100”, he added, expecting then a new ascending structure towards the level of 0.9280.

Forex Flash: USD/JPY correction on the horizon – Westpac

According to FX Strategist Robert Rennie at Westpac, “While the USD/JPY volatility is expensive at the moment, it is expensive for a good reason – the two-week realized daily volatility is currently at 15%. The recent aggressive swings in sentiment mean it is all but impossible to sell spot without a very wide stop. The two-week time horizon looks optimal for us as it takes into account a number of key events including tomorrow’s Japanese GDP release and the BoJ meeting, this weekend’s G20 meeting, the Italian elections (February 24/25) and Bernanke’s semi-annual testimony on monetary policy to the Senate Banking Committee (February 26). We see a move back towards the 88/89.5 area as a reasonable target on a USD/JPY correction in the coming weeks.”
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Forex: USD/CAD testing positive territory at 1.0022/28

The USD/CAD has traded in a very narrow consolidation Wednesday, ranging between 1.0012 and 1.0045. During American trading, the cross has moved unevenly, returning to opening levels at 1.0022/28 as it is attempting to make a return into positive territory. Concerning the CAD, the price of crude continues to hold recent gains, as it is now operating at USD $97.42.
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