Forex: USD/CHF Today’s Trading Within Monday’s Range So Far

on May 22, 2013
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By mid-afternoon in European trading the USD/CHF had rallied to 0.9710 but has failed to continue further, with the quote falling 22 pips. Right now the pair is again reaching to test the daily high so far.

The Swiss money supply M3 in April was 10.2 percent, compared to 9.9 percent in March.
The Swiss National Bank will likely maintain the CHF cap until deflation is limited. According to board member Fritz Zurbruegg, “The floor rate will remain in force as long as necessary to carry out our mandate of maintaining price stability.”.
US stock futures floated lower today ahead of the scheduled utterances of a clutch of Federal Reserve representatives. Investors are expecting to get more information on the anticipated eventual wind-down of the Fed’s quantitative easing program. First up today, at 2.00 pm GMT, the US Treasury Secretary Jack Lew, followed by Federal Open Market Committee member James Bullard (an address entitled “Monetary Policy in a Low-Rate Environment”) at 3.30 pm GMT and another FOMC member , William Dudley, at 5.00 pm GMT, are each expected to give more clues on the Fed’s intentions.
The 0.9578 support level is giving confirmation for a further increase, unless broken. The 100 percent Fibonacci extension of 0.9021 to 0.9566 from 0.9206 at 0.9751 is restraining the price from another rally to this point but if the pair crosses above it, the USD/CHF should test 0.9971 first, followed by 1.000.

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