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Webinar: FOMC Setups We’ll be Trading as Yellen Takes Center Stage

Webinar: FOMC Setups We’ll be Trading as Yellen Takes Center Stage

Michael Boutros,

Talking Points


Chart Created Using FXCM Marketscope 2.0

Notes: The USDOLLAR will be central focus heading into what will probably be the most important FOMC interest rate decision this year. Last week’s break back below confluence support at the monthly open has shifted the short-side bias back into play with our near-term bearish invalidation level steady at 12028. Near-term support is eyed at 11936/42 backed by the 100DMA & 11906.


Notes: The 1.5447/60 resistance zone highlighted last week remains in focus heading into key U.K. inflation data tomorrow and U.S. event risk later in the week. Key support & near-term bullish invalidation level remains at the 1.5340 confluence region with a breach higher targeting resistance objectives at the 100DMA at 1.5515 & the 1.5560/67 confluence zone. Scalp levels unchanged from last week.


Notes:An attempt to breach above the high-day close at 2.2037 saw a quick snapback with the pair now testing support / bullish invalidation noted last week at 1.1420-1.1527. This key support zone is defined by the July high, the August opening range high, the September opening range low and basic trendline support extending off the May low. A break below this support structure would suggest a much more significant correction may be on the cards for the pair with such a scenario eyeing subsequent support objectives into the August low / 2.0832.

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Relevant Data Releases

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

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