USD/CHF remains near daily highs after Fed minutes

By FXStreet USD/CHF dropped toward 0.9900 after the release of the FOMC minutes but then bounced to the upside and it was trading near daily highs. The pair peaked earlier during the American session at 0.9940, hitting the strongest level since January 8.

Greenback rose modestly against European currencies after the minutes but declined against the yen. According to the document, officials struggled with uncertainty amid recent global turmoil while several expressed concerns that monetary policy was less well positioned to respond effectively to shocks. FOMC members said that the timing and pace of adjustments will depend on economic data financial market developments.

No major surprises emerged from the minutes and forex crosses remains mostly in the previous range, excluding the yen that climbed across the board. Stocks in the US reacted positively.

USD/CHF technical levels

To the upside, resistance levels might be seen at 0.9940/45 (daily high), 0.9955/60 (Oct 28 & 29 high / Jan 15 low) and 0.9990 (20-day SMA). On the opposite direction, potential support levels could be located 0.9895 (Feb 16 high / 20-hour MA), 0.9852 (daily low) and 0.9835 (38.2% Fibonacci retracement of recent rally from 0.9660).
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Source:: FX Street