Forex Morning Briefing

Forex Morning Briefing


Commentary: Fed hiked rates 0.025 bpt Wednesday. PE

The US Dollar (.DXY) Index at 93.387 faded from resistance near 94 on the 3 day candles after the expected 25 bpt rate hike by the Fed.

EUR (Euro) 1.1835 bounced from support at 1.1717, and can now be expected to embark on a rally medium term. Near term, 1st resistance can be seen near 1.19 which had been tested earlier this month. The single currency rally could see it rise past this resistance and move to 1.25 on the weekly line. The ECB meeting Thrsday could provide further strength for Euro.USD/JPY at 112.62 has fallen in here, and can now be expected to move towards 112 near term with a gradual move towards support at 110 on the weekly candles in January.

Sterling at 1.3435 along with the Euro and the Japanese Yen has seen a rise after the Fed rate hike Wednesday. Watch Cable in the next 2-3 sessions to get more directional clarity.

Stay tuned…

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