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post-FOMC, BoJ, SNB, BoE Price Action Setups

post-FOMC, BoJ, SNB, BoE Price Action Setups

James Stanley, Senior Strategist

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- The past 24 hours have produced quite a few moves across the FX market as Central Banks from the United States, Japan, Switzerland and the United Kingdom all hosted rate decisions.

- The only actual movement from these Central Bank announcements was the Fed’s 25 basis point hike; but that probably didn’t go through as many thought that it would. The net impact was a large, bearish move in the Greenback. Deductively, this appears as though markets were looking at this as an opportunity for the Fed to ramp-up their hawkishness given their persistence towards the ‘normalization’ of rate policy. This did not happen, and the Dollar took a swan-dive after the rate hike.

- We started off by looking at DXY, and we wanted to urge caution if chasing the short side too aggressively as we’re at a longer-term level of support/resistance. Next week’s economic calendar is extremely light, so this could be ample opportunity to gauge potential for the next directional movement in the Greenback.

- We started off with NZD/USD, looking at a key level of support at .6870. This level of support did not come into play in the past couple of days as bulls came-in ahead of support to set a higher-low. But near-term price action appears to be back on the way down, and this can be a situation of a short-term bearish trend producing a fresh low at this support level around .6870 to open the door for a longer-term or bigger picture reversal.

- We then moved over to USD/CHF, which is working with a very interesting level of longer-term support/resistance around .9950. For more information, please check out our USD/CHF Technical Article from yesterday.

- We then looked at GBP/USD after this morning’s ramp-higher. This could open the door for the bullish side of the range up to the 1.2600-neighborhood.

- We then moved over to EUR/USD, which is a bit messy to my eyes at the moment. I do want to anticipate Euro-bullishness, but the primary challenge in EUR/USD is taking on short-USD exposure through a rising rate cycle. As a potentially more attractive candidate for long-Euro exposure, we looked at EUR/JPY.

- EUR/JPY is interesting from a few different perspectives. For more information on the setup, please check out our technical article on the pair from yesterday. And we set up an Analyst Pick just ahead of FOMC yesterday, and that can be read here.

- USD/JPY – we’re at an interesting level around 113.00. The longer-term support zone from 111.61-112.40 is still the area of attraction, however; and should this come into play next week, that could open the door for longer-term bullish stances in the pair.

--- Written by James Stanley, Analyst for DailyFX.com

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