The
power awakens for the US dollar while the single currency suffered huge drop
today. As it was expected the ECB kept the interest rate unchanged but
removed from the statement the phrase of needing to extend QE if conditions worsen.
The euro retreated from its recent location and dragged the Swiss franc lower.
But at this time the USD/CHF broke the resistance at 0.9470 and pinned fresh new
high at 0.9518 and currently is trading at 0.9415. On the four hour time frame
the price is developing well above its moving averages. RSI and stochastic are
located within extreme overbought areas and both are showing strong upward
momentum.
Next significant territory for the pair is 0.9570 which if bulls succeed to
conquer will be eyeing the key level at 0.9600 and higher around 0.9650.
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