Forex: USD/CHF at 0.9250/60 while waiting for the Fed
Forex pairs in this Article »
USD/CHF
FXstreet.com (Barcelona) - With the 0.9140 spike low printed right as US ADP employment was released, the USDCHF returned to its sideways movement at 0.9150/60 range as investors await the FOMC meeting decision. Most analysts expect a non-event coming from there. Even Fed's Bernanke is not attending the press conference.
"The US central bankers will confirm that they plan to buy bonds worth US$ 85 bn each month. Even though US politicians have recently reduced the fiscal cliff - one of the problems which the Fed has repeatedly pointed out - the FOMC will continue its course", wrote Commerzbank analyst Karpowitz, explaining the trajectory due to still out of reach unemployment rate (6.5%) and inflation (2.5%) targets.
December ADP employment was revised much lower, from 215K to 185K, which disturbed traders. However, January data came in at 192K, above 165K consensus, leaving the market calm. Today's figures may give an idea of what is to come on Friday's NFP.
"The USDCHF currency pair finished a correctional wave and now the whole structure may be considered completed", wrote Roboforex.com analyst Igor Sayadov. "This pattern looks like head & shoulders, a classical reversal pattern. If the price leaves the pattern from the right shoulder, the pair may start a new ascending wave", he added.
"The US central bankers will confirm that they plan to buy bonds worth US$ 85 bn each month. Even though US politicians have recently reduced the fiscal cliff - one of the problems which the Fed has repeatedly pointed out - the FOMC will continue its course", wrote Commerzbank analyst Karpowitz, explaining the trajectory due to still out of reach unemployment rate (6.5%) and inflation (2.5%) targets.
December ADP employment was revised much lower, from 215K to 185K, which disturbed traders. However, January data came in at 192K, above 165K consensus, leaving the market calm. Today's figures may give an idea of what is to come on Friday's NFP.
"The USDCHF currency pair finished a correctional wave and now the whole structure may be considered completed", wrote Roboforex.com analyst Igor Sayadov. "This pattern looks like head & shoulders, a classical reversal pattern. If the price leaves the pattern from the right shoulder, the pair may start a new ascending wave", he added.
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