The market dipped to support on the weak housing then rose on the Bernanke comments to the first upside resistance target. The low reached 1.3542, just above the 1.3539 support area. The upside spiked up to 1.3595, higher than the 50% target level. Bernanke having his role in the markets – Rates to stay low for an extended period of time. Inflation to remain subdued. Job market remains quite weak. Wage pressure low. Fed will tighten at some point. Discount rate move does not signal policy change.All levels remain in play.
