21 Aug 2013
USD/CHF smashes limits on rally; up 0.60%
FXstreet.com (Chicago) - USD/CHF reached 0.9235 intraday highs leaving behind immediate resistance at 0.9211 post FOMC minutes as most members agreed on inappropriate timing for program modifications.
Modest improvements, positive market reaction
The FOMC minutes indicate the perception accepted by most members of the FOMC acknowledges that unemployment levels in the US have improved despite “modest” gains in other labor sectors. Although tapering remains uncertain, markets react positively to the released remarks.
Technical levels – bullish short-term bias
Technically speaking, the pair navigates between supports at 0.9211 (August 17th lows), 0.9190 (June 12th lows) and 0.9172 (August 8th lows) and resistances at 0.9232 (July 31st lows) followed by 0.9247 (August 20th highs) and 0.9258 (August 13th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis, accumulating 0.60% daily gains.
Modest improvements, positive market reaction
The FOMC minutes indicate the perception accepted by most members of the FOMC acknowledges that unemployment levels in the US have improved despite “modest” gains in other labor sectors. Although tapering remains uncertain, markets react positively to the released remarks.
Technical levels – bullish short-term bias
Technically speaking, the pair navigates between supports at 0.9211 (August 17th lows), 0.9190 (June 12th lows) and 0.9172 (August 8th lows) and resistances at 0.9232 (July 31st lows) followed by 0.9247 (August 20th highs) and 0.9258 (August 13th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis, accumulating 0.60% daily gains.