Flight into safety
The Gary Cohn unconfirmed story continues to have a negative impact. The S&P is down -14.0 points or -0.57%. The Nasdaq is doen -0.83% now. Gold is up $6.00.
The USDCHF is also moving to downside on a flight into the relative safety of the CHF.
Technically, the picture is not all that bullish too.
Looking at the hourly chart, the 100 and 200 hour MA did a pretty good job of stalling the move higher today. There was a spike above the moving averages, but that was quickly reversed.
The pair is currently testing the 200 bar MA on the 4-hour chart at 0.9633. The earlier low for the day at 0.9622 is another target (would complete the up and down lap. The low for the week was during the first hour of trading on Monday at 0.9608.
The EURCHF is also trading at new day lows. The pair has been consolidating at the lows over the last few hours.
