18 Jun 2014
USD/CHF holds below 0.9000 ahead of the Fed
FXStreet (Córdoba) - The USD/CHF has lost ground Wednesday, reversing yesterday’s gains, ahead of the Federal Reserve policy decision later on the day.
The USD/CHF failed to climbed back above the 0.9000 mark and came under pressure, sliding all the way back to 0.8970 before stabilizing as investors gear up for the FOMC decision. Currently, USD/CHF is trading at 0.8977, down 0.18% on the day, having posted a daily high at 0.9000 and low at 0.8971.
From a wider view, the USD/CHF has spent the last sessions consolidating within 0.8960 and 0.9010, unable to set a longer-term direction.
The Federal Open Market Committee is expected to reduce the pace of monthly asset purchases by $10 billion to $35 billion and will provide a new set of forecasts for unemployment, inflation, economic growth and the benchmark federal funds rate.
USD/CHF levels to watch
In terms of technical levels, the USD/CHF could find next supports at 0.8971 (Jun 18 low), 0.8959 (Jun 16 low) and 0.8919 (Jun 6 low). On the other hand, resistances line up at 0.9000 (psychological level), 0.9012 (last week’s highs) and 0.9036 (Jun 5 high).
The USD/CHF failed to climbed back above the 0.9000 mark and came under pressure, sliding all the way back to 0.8970 before stabilizing as investors gear up for the FOMC decision. Currently, USD/CHF is trading at 0.8977, down 0.18% on the day, having posted a daily high at 0.9000 and low at 0.8971.
From a wider view, the USD/CHF has spent the last sessions consolidating within 0.8960 and 0.9010, unable to set a longer-term direction.
The Federal Open Market Committee is expected to reduce the pace of monthly asset purchases by $10 billion to $35 billion and will provide a new set of forecasts for unemployment, inflation, economic growth and the benchmark federal funds rate.
USD/CHF levels to watch
In terms of technical levels, the USD/CHF could find next supports at 0.8971 (Jun 18 low), 0.8959 (Jun 16 low) and 0.8919 (Jun 6 low). On the other hand, resistances line up at 0.9000 (psychological level), 0.9012 (last week’s highs) and 0.9036 (Jun 5 high).