Today at about 215PM Eastern, the US FOMC should give their announcement about US short-term interest rates. While expectations are that there will be no change, the actual announcement should provide some insight into what the US Federal Reserve is thinking about the state of the US economy. The second event is the discussion and vote by the US Senate about Fed Chairman Ben Bernanke's term at the Fed. His term does end at the end of January, so we will see this week if he is to continue as Fed Chairman or will be replaced. It looks like he will serve another term, but as recently as late last week, that seemed to be in doubt. Markets hate uncertainty and these two events will need to be resolved before many traders will come back into the market. So we wait and see. The AUD/CHF is still in an uptrend and we should remain bullish as long as this pair remains above the .9333 low as seen on the chart. A move down through that level does not change the trend, but should be a hint to look elsewhere for a stronger trend to trade.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.