Forex Update – 21st September 2011

September 21 Market Review

 

EURRumors flooded the market the SNB will raise the floor from 1.2000 to 1.2500 sparked a rally in EURCHF of +250 pips since yesterday.

Stop loss orders were triggered on the last rally with traders remain anxious ahead of any announcements by The SNB to confirm the floor is raised.
In such a case, EURCHF may spike over 1.2500 in matter of minutes.

USD

The FOMC monetary policy decision is due today 18:15 GMT and analysts are already suggesting an ‘operation twist’ will be employed, short-term Treasury bonds and buying long-term ones.

Conflicting views how the market will react to such an operation (should it be chosen by the Federal Bank). It is best to observe the charts at the time and then determine your trades.

Support seen at 1.3747, resistance at $1.3745

Commentary

Gold is waiting to break out the MA’s boundaries.

50MA at 1,815.23 is capping further gains in Gold while 21MA provides the support at 1,799.52. Look for a breakout in either level to confirm the intraday trend.
A break above 50MA may yield further gains towards 1,841.00
A break below 21MA may prompt further sales towards 1,778.99

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