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8 Jan 2014
USD/CHF U-turned sub the 0.91 handle and some
FXstreet.com (Guatemala) - USD/CHF has caught some on the wrong side of the market, smashing through the 0.91 handle post the knee jerk reaction to the ADP employment report which has been the highlight on todays calendar.
The ADP employment report showed the US private sector added 238,000 new jobs in December, beating forecast of 200,000. Meanwhile, November ADP jobs number was revised up 14,000 to 229,000. The news took the unit on a spike of some 25 pips higher off the 0.91 handle but was soon hit by supply by the commitment of the bears and stops were run down to 0.9082, taking the pair all the way back to where we had started off today. Meanwhile, all eyes are going to be on the FOMC Minutes coming up. We are looking forward to knowing how unanimous the taper move was. It will be interesting to know how the spread of opinions and reservations around this move were which should give us an idea on what it would take for the FOMC to actually consider upping or slowing the pace of taper.
USD/CHF Levels
The 20 DMA is 0.8945, the 50 DMA is 0.9028 and the 200 DMA is 0.9247. RSI (14) reads 42.2. Supports are ascending from 0.9021, 0.9038, 0.9052, 0.9068. Spot is currently 0.9085 while resistances are 0.9110, 0.9131, 0.9150 and 0.9165.
The ADP employment report showed the US private sector added 238,000 new jobs in December, beating forecast of 200,000. Meanwhile, November ADP jobs number was revised up 14,000 to 229,000. The news took the unit on a spike of some 25 pips higher off the 0.91 handle but was soon hit by supply by the commitment of the bears and stops were run down to 0.9082, taking the pair all the way back to where we had started off today. Meanwhile, all eyes are going to be on the FOMC Minutes coming up. We are looking forward to knowing how unanimous the taper move was. It will be interesting to know how the spread of opinions and reservations around this move were which should give us an idea on what it would take for the FOMC to actually consider upping or slowing the pace of taper.
USD/CHF Levels
The 20 DMA is 0.8945, the 50 DMA is 0.9028 and the 200 DMA is 0.9247. RSI (14) reads 42.2. Supports are ascending from 0.9021, 0.9038, 0.9052, 0.9068. Spot is currently 0.9085 while resistances are 0.9110, 0.9131, 0.9150 and 0.9165.