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USD Ranging or Breaking?

USD Ranging or Breaking?

Kristian Kerr, Sr. Currency Strategist

With the FOMC decision slated in a couple of days there is plenty of promise for some directional volatility in its aftermath. The price action in the FXCM US Dollar Index has been worrisome over the past month and warns that a deeper correction could be unfolding in USD. Friday’s close below 11,925 technically triggered a minor head & shoulders top in the index that paves the way for a potential decline towards 11,700. However, there is significant risk that that the index is just testing the bottom of its multi-week range and I would prefer to see traction under the lows of the consolidation at 11,890 before adding to or initiating USD short positions.

For more details on these and other setups that interest me, visit me for on DailyFX on Demand where I cover the markets.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.Learn forex trading with a free practice account and trading charts from FXCM.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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