Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs

$DXY, $EUR, $JPY, $GBP, $AUD

Commentary: The FOMC is expected to hike rates Wednesday, but the market is more curious about the future rate path or if the Fed will say anything about trimming the $4.5-T balance sheet. PE

The US Dollar (.DXY) Index at 96.98 may have ended the 4-day correction from 97.31 at 96.90 Tuesday and may bounce back to 97.50, or even higher depending on the Fed statement. Weakness come is below 96.85.

EUR (Euro) at 1.1215 made a small triangle pattern in the last 4 days which may resolve to the Southside soon. A break below 1.1190 triggers a fall to 1.1140 and then 1.1100.

USD/JPY at 110.03 unchanged in the last couple of sessions, it needs a clear break above 110.35 for an Northside reversal, 1st support comes at 109.80.

Sterling (GBP) at 1.2747 found support at 1.2630 for the last 3 sessions, a failure to recover above 1.2800 may push it down to 1.2600 again. The larger trend is South.

AUS (Aussie) at 0.7536 is stalling near 0.7567 and may rise to 0.7590-0.7610 in here, but it may be the time for caution as a short term correction is expected in the area of 0.7570-0.7610.

Stay tuned…

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