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USD/CHF struggles to hold above 1.0200 after FOMC minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CHF made a marginal new 10-month high above 1.0200 following the release of the minutes of the October FOMC meeting.

    USD/CHF spiked to a high of 1.0219, last seen on January when the SNB removed the franc’s cap, but quickly pulled back to previous levels. At time of writing, the pair is trading at 1.0195, recording a 0.44% gain on the day.

    Minutes of the October FOMC meeting showed that most participants anticipated that the economic conditions “could well be met by the time of the next meeting”. However, members differed in their assessment of the likelihood that incoming information will warrant a rate hike in December, but they agreed that the decision will remain data dependent.

    USD/CHF technical levels

    In terms of technical levels, next resistances could be faced 1.0239 (2015 high scored on Jan 14 pre-SNB shocker) and not much until 1.0300 (psychological level). On the other hand, supports are seen at 1.0091 (Nov 17 low), 1.0065 (10-day SMA) and 0.9989 (Nov 12 low).
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