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USD/CHF breaks lower after FOMC minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CHF broke an intraday trading range to the downside, after the release of the FOMC minutes. The pair moved all day between 1.0075 and 1.1005 and recently slid below the lower limit of the range and dropped to 1.0056 hitting a fresh daily low.

    The pair was trading near the lows, with momentum favoring further declines. Greenback weakened in the market after the Fed document, particularly against the Swissy and the euro.

    The minutes showed that for some voters the decision to raise rates in December was a close call. The document gave no clues about the next rate hike, noting that the normalization process will be gradual.

    USD/CHF correcting lower

    Currently trading at 1.0060, the USD/CHF pair is down less than 30 pips but is about to post the first decline since last Wednesday. Despite ending a 3-day streak, the pair sill holds a bullish tone on a wider perspective but some correction seemed likely after a 240-pip rally in three days.
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