We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • LIVE NOW: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/webinars/1338844901231735299
  • it's time for the webinar, starting right now https://www.dailyfx.com/webinars/1338844901231735299 https://t.co/gLQFjotDmG
  • Senate Majority Leader McConnell says drop in revenue for States a concern, but national debt is also concerning- BBG
  • LIVE IN 5 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/webinars/1338844901231735299
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.52%, while traders in US 500 are at opposite extremes with 75.73%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tkFbZhU9DE
  • Heads Up:🇺🇸 Fed Kashkari Speech due at 17:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-05-26
  • LIVE IN 15 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/webinars/1338844901231735299
  • Heads Up:🇷🇺 Unemployment Rate due at 17:00 GMT (15min) Expected: 5.5% Previous: 4.7% https://www.dailyfx.com/economic-calendar#2020-05-26
  • Gold remains subdued in a tight short-term trading range as market sentiment continues to swing between risk-on and risk-off. Get your $XAUUSD technical analysis from @nickcawley1 here:https://t.co/wH5QSwGSft https://t.co/igwTLzrjp5
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 0.22% Oil - US Crude: -0.69% Gold: -0.86% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/cp4uj2e6Jf
USDOLLAR at Support Ahead of Critical Fed Meeting- All Eyes on Yellen

USDOLLAR at Support Ahead of Critical Fed Meeting- All Eyes on Yellen

2015-09-16 20:44:00
Michael Boutros, Strategist
Share:

Talking Points

USDOLLAR Daily

USDOLLAR at Support Ahead of Critical Fed Meeting- All Eyes on Yellen

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • USDOLLAR testing median-line support ahead of FOMC
  • Resistance confluence at 12028 backed by 12050- broader bearish invalidation
  • Support targets at 11942 backed by 11928 & 11906
  • Daily RSI holding sub 60- bearish
  • Key Event Risk Ahead: FOMC Rate Decision & Subsequent Janet Yellen Presser

USDOLLAR 30min

USDOLLAR at Support Ahead of Critical Fed Meeting- All Eyes on Yellen

Notes: The Dow Jones FXCM U.S. Dollar Index continues to trade within the confines of a well-defined descending channel formation extending off the monthly high with near-term short bias in focus. Key interim support rests lower at the confluence of the 50% retracement, the1.618% extension & channel support at 11936/42 with a break below this region targeting the 100-day moving average at 11928 & the key 61.8% retracement at 11906.

The immediate short-bias remains in play while below the weekly open at 11989 with a breach above the monthly open at 12028 (bearish invalidation) needed to shift the focus back to the long-side. Such a scenario targets subsequent resistance barriers into 12050 & the reversal-day close at 12071.

Added caution is warranted heading into tomorrow’s highly anticipated FOMC interest rate decision with consensus estimates largely mixed amid the ongoing slack in the real economy. The lackluster data coming out of the U.S. may continue to undermine Fed expectations for a faster recovery and a marked downward revision in the growth, inflation and interest rate forecasts may further erode the bullish USD outlook.

For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk

Relevant Data Releases

USDOLLAR at Support Ahead of Critical Fed Meeting- All Eyes on Yellen

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex, contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFXat 12:30 GMT (8:30ET)

Interested in learning about Fibonacci? Watch this Video

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

DISCLOSURES

News & Analysis at your fingertips.