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FX Markets Gear Up for FOMC; USD Hangs by a Thread

FX Markets Gear Up for FOMC; USD Hangs by a Thread

Michael Boutros, Strategist

The U.S. Dollar has remained on the defensive following the summer months with the DXY hanging by a thread as we head into the FOMC interest rate decision. With Fed Fund Futures highlighting a 98% likelihood the Fed will hold, markets will be closely eyeing the updated forecasts & interest rate dot plot from Janet Yellen & Co.

An examination of price action highlights the threat of a near-term low in the greenback (high in EURUSD) with the DXY still trading in risky territory ahead of his week’s major event risk. We also took a close look at a few Sterling crosses as the breakout approaches key initial resistance targets. A good week to trade a bit more defensive, especially as some of these rallies start to show near-term signs of exhaustion.

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In this webinar we reviewed current & pending setups and updated technical levels on DXY, EURUSD, GBPUSD, EURGBP, AUDUSD, USDCAD, Gold, GBPAUD, AUDNZD, USDJPY, BTCUSD, and ETHUSD.

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Key Data Releases

Economic Docket 9-18-2017

Other Setups in Play:

See our 3Q FX projections in the Free DailyFX Trading Forecasts.

---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.

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

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