How the FOMC Statement could Impact the US Dollar
The US dollar is on a broad uptrend, solidifying the 96 handle again. However, as we identified in the report yesterday, 96.24 seems to be providing prohibitive resistance at this time, with a red triangle on the KRI as confirmation. We are getting support in the low 96's, however and we identified 95.82 as the next level of support if this does not hold. Note that we appear to be forming a bull channel, beginning from 94.77 or so. Bull channels tend to break to the downside, hitting a target of 50% of their length. This would put us at about 95.58 or 95.26 in the event of a correction. The rate hike from the fed has largely been priced in, so we could see a bit of a selloff in the US Dollar after the FOMC meeting this afternoon. If we can continue to rally, then 96.44 is the next target.
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