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"The Fed is data-dependent. It does not act because the market wants it to. We continue to believe that tapering will only come when the White House/Congress can introduce a plan to replace some of the easy money that quantitative easing provides. As we go into debt ceiling discussions, that is unlikely to happen, which means no tapering until the data warrants it."
- Chapdelaine Foreign Exchange (based on Reuters)
Pair's Outlook
Pair plummeted by more than 150 pips after hitting weekly and monthly PP/61.8% Fibo few days back. At the moment it is trading in the lowest levels since February, 2013. recovery above the mentioned august and June lows would uplift most of the risk and put and monthly PP/61.8% Fibo on the map once map. 0.917/19 area should not be much of a trouble on the ay there. Failure to do so, however, could send the pair trailing to 90 cent mark.
Traders' Sentiment
Swiss franc remains the most sold and greenback is second most bough major currencies across the board. As a consequence, 75% of all traders are holding long positions on the pair. Pending orders increased by additional 8% in favour of the bulls, at the moment the overall gauge is at 68%.
© Dukascopy Bank SA