USD/CHF continues its December descent. The pair’s attempt to return above the 0.9845 area has failed.
USD/JPY: levels to trade on the Fed’s meeting
Information is not investment advice
USD/JPY consolidated between 108.40 and 108.95 ahead of the Federal Reserve’s meeting later today. The market has been waiting for this event for a long time and it should pave the future of the currency pair. The short-term dynamics will surely be volatile.
Technically, resistance looks harder to break than support. However, if USD/JPY manages to get beyond 109.00, it will be able to target 109.60 (50% Fibo of the April-June decline). On the downside, we focus on the 108.35 level (50-day MA). A decline below this point will open the way down to 107.85 (early June lows). The next support will be at 107.50.
NZD/USD met resistance around 0.6565 (61.8% Fibonacci of the July-October decline, top of the October-December bullish channel).
The upside of EUR/CHF has so far been limited by 1.0975. On Monday, the pair slipped below 1.0940 resuming the decline that started last week.
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