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USD/CHF soars to new weekly highs during Bernanke questions

FXstreet.com (London) - USD/CHF is recording the highest prices since summer 2012 while Bernanke is speaking on ‘The Economic Outlook’. Close attention is being paid to his testimony to the Joint Economic Committee of Congress while he is now answering questions.

The pair has now breached key resistance at 0.9775 and plays in 0.9790. Volatility is going to be the order of this afternoon and current barriers will be pushed and tested by the market while his comments are being digested. Key resistance is 0.9800 before a breakout for 0.9835.

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Even though the US dollar initially weakened on the back of Bernanke's dovish testimony, USD/JPY bounced sharply from the 102.70 area and rallied to fresh 4 ½-year highs as the greenback stages a comeback.
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