USD/CHF hits 3-week low after Fed minutes and bounces

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/CHF saw a quick drop to a 3-week low sub 0.9650 following the release of the latest FOMC minutes, although it managed to bounce back toward pre-minutes levels.

    FOMC minutes showed even though officials believe the lift of is close, several remain concerned about the low inflation.

    USD/CHF fell to a low of 0.9623 in the minutes that followed the release only to retrace the fall and currently trade around 0.9670, still 0.65% below its opening price.

    USD/CHF levels to watch

    As for technical levels, next supports line up at 0.9623 (Oct 8 low), 0.9600 (psychological level) and 0.9564 (100-day SMA). Meanwhile, resistances could be faced at 0.9740 (Oct 8 & 7 highs), 0.9766 (Oct 6 high) and then 0.9794 (Oct 2 high).
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