USD/CHF has been trending lower in the past few days but it seems to be having difficulty sustaining its decline past the .9100 major psychological support level.
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The US dollar had a mixed performance yesterday as traders are trying to reestablish their biases on the US economy.
AUD/USD seems to be having trouble sustaining its rallies, as a major correction might take place instead. The pair found resistance at .9500 and may pull back to an area of interest before resuming its rally.
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Just when it seemed the US dollar was in for another round of losses, FOMC member Bullard gave a testimony and started talking about the possibility of tapering in October.
USD/CHF is in a solid downtrend these days, as a falling trend line can be formed when connecting the highs of the price. The pair has broken below several key support levels but might be in for a pullback today.
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The dollar was sold off sharply after the FOMC statement but it was quick to recover some of its recent losses while holding steady against other major counterparts.
USD/CAD had a sharp drop followed by a quick retracement yesterday, as the FOMC statement against tapering triggered overall dollar weakness. The pair is currently finding resistance at the 61.8% Fib on the 1-hour time frame.
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The dollar suffered heavy selling in yesterday’s NY session, as the Fed decided against tapering asset purchases this month.
GBP/USD staged a strong rally yesterday, thanks to the upbeat BOE minutes and the Fed’s decision against tapering. This was enough to push GBP/USD past the upward channels on the 1-hour and 4-hour time frames.
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The US dollar edged lower against its counterparts but seems to be consolidating for today’s Asian session, as traders are awaiting the FOMC statement.