U.S Dollar Index Around Weekly Support Ahead Of Fed Meeting
As long as 97.15 resistance holds on a daily closing basis, the U.S dollar index remains on the downside. Support comes 96.15 ahead of 95.75 level. A halt is likely, it may test 96.15 before attempts to break below 95.75. Anyway; below 95.75 aims 95.30, further down, support comes at 94.75 level.
On the upside, resistance comes at 97.15 level. Above 97.15 will challenge 97.50 level. A break will restore the upside momentum and target 98.05, further upside, resistance comes at 98.75 level.
Conclusion: The U.S Dollar Index sees downside threats below 97.15 level in the short-term forecast…
According to weekly timeframe, the index is bullish as long as trades above 95.90 on a weekly closing basis but faces pullback threats below 97.32 level. A weekly closing above 97.32 restores the upside momentum and aims 99.13/100.00 levels, further upside, resistance comes at 102.50 level.
On the downside, support comes at 95.90. A cut below that level extends the corrective pullback to 95.15/94.75 levels before another rise. Below 94.75 sees further weakness to 93.75 level.
Conclusion: The U.S Dollar index faces pullback threats below 97.32 levels in the medium-term forecast.
The Federal Reserve is expected to raise interest rates by a quarter point for a fourth time this year (in a range between 2.25%-2.5%) at the conclusion of its two-day policy meeting.
Fed Chair Jerome Powell will hold what will be a closely-watched press conference 30 minutes after the release of the Fed’s statement, as investors look for fresh clues on inflation and the forecast for the coming year.
Will the Fed support the U.S dollar!!!