The strongest and weakest currencies as North American traders enter

May 15, 2015: The USD is the strongest. The CHF is the weakest.

As North American traders enter for the day, a snapshot of the strongest and weakest currencies shows the US dollar as being the strongest while the Swiss franc is the weakest.

The dollar had been hit lately on the back of weaker data. Yesterday, the data was mixed with the US initial claims staying near 15 year lows. The PPI was weak however. Mario Draghi also poured a little water on the rising EUR when he commented that the ECB would continue the QE to completion. Technical targets were also reached in some currencies as well. The EURUSD reached a high ceiling going back to February and stopped. The GBPUSD stalled and fell below a trend line (see chart below) on the 4-hour chart and fell below a lower trend line as well. The 100 hour MA at the 1.5683 will be the next target. The GBPUSD has not closed an hourly bar below the 100 day MA since May 6th. The rise from the May 5th low has been about 725 pips in 8 days. The short term sentiment may be changing.

In Switzerland the producer and import prices for the month of April fell by -2.1%. The YoY is down -5.2%. This was much worse than expectations and helped send the CHF lower. The USDCHF is is starting the day right at the key 100 and 200 hour MA. Key level. A move above and staying above is more bullish.