The 2:00 p.m. FOMC minutes sent dollar bids and USD/CHF up into the upper end of our 1.2715-1.2735 Fib resistance zone. I was short a piece of USD/CHF at 1.2737 into the zone we looked at earlier this week. News of the NYC plane crash followed about 2 minutes later and dollar sold off very quickly. I covered the trade for a quick profit before I knew what the news was. Most news-related market moves are usually reversed once the facts are learned. So those of who also went short into our zone, keep the stops tight on any balance. I do, however, expect the lows to be re-tested as the dollar was heading lower from the 35 zone even before the news hit the wires.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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