Forex: USD/CHF trades at 0.9538 on heels of Fed comments
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USD/CHF
FXstreet.com (Barcelona) - The USDCHF fell down the proverbial well this morning, bottoming out at an intraday minimum of 0.9509. However, the fallout and stir created by the Jackson Hole symposium has led to a surge in the exchange rate, as it has currently rose in an unsettled manner, trading at the time of writing at 0.9538, netting a decline of -0.64% off its opening.
Recently, Federal Reserve Board Chairman Ben Bernanke identified the stagnation in the U.S. labor market as a 'grave concern' and said he was open to utilizing more quantitative easing as needed to help remedy the situation. In a speech at the Fed's Jackson Hole retreat, Bernanke did not pre-commit to taking action, though he did reinforce the case for more asset purchases. He downplayed the costs of quantitative easing and said the program has worked to 'provide meaningful support' to the recovery.
According to the technical analyst team at ICN.com, the beleaguered pair will find support at 0.9520, 0.9420, and ultimately 0.9640. In the event of a prolonged upward movement, the pair will engage measures of resistance at 0.9570, then 0.9615, and eventually 0.9655.
Recently, Federal Reserve Board Chairman Ben Bernanke identified the stagnation in the U.S. labor market as a 'grave concern' and said he was open to utilizing more quantitative easing as needed to help remedy the situation. In a speech at the Fed's Jackson Hole retreat, Bernanke did not pre-commit to taking action, though he did reinforce the case for more asset purchases. He downplayed the costs of quantitative easing and said the program has worked to 'provide meaningful support' to the recovery.
According to the technical analyst team at ICN.com, the beleaguered pair will find support at 0.9520, 0.9420, and ultimately 0.9640. In the event of a prolonged upward movement, the pair will engage measures of resistance at 0.9570, then 0.9615, and eventually 0.9655.
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