By Russell Glaser – Traders are waiting for signs of intervention from the Swiss National Bank (SNB) or the Bank of Japan (BOJ) to halt the appreciation of the Swiss franc and the Japanese yen. Until the central banks take action in the open markets, continued strengthening of the currencies should prevail.
Today’s leading economic releases:
USD – Unemployment Claims -12:30 GMT
Weak unemployment continues to drag on the U.S. economy. The past 3 releases have been higher than the expected outcome. This week’s data should be no exception.
Expected: 488K. Previous: 500K.
USD – Jackson Hole Symposium – All Day
U.S. central bankers will gather in Jackson Hole, Wyoming, to discuss the state of the U.S. economy, monetary policy, and inflation. Developments that come from the meeting may shed light on the Fed’s next plan of action for the U.S. economy and monetary policy.
• Support and resistance for the EUR/USD are found at the levels of 1.2470 and 1.2730.
• Until the Swiss National Bank (SNB) intervenes in the open market, the bullish trend for the franc should continue and the USD/CHF will target the 2010 low at 1.0125.
Forex Market Analysis provided by ForexYard.
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