Fed Chair Comments Support the USDOLLAR
The below is the daily chart of the USDOLLAR. Further to yesterday’s article, the greenback has charted a higher trough followed by a higher peak. This is the classical definition of an uptrend. The RSI(9) is above 50 and indicative of an underlying bullish momentum (blue rectangle). Yesterday Fed Chair Jerome Powell maintained that it is “premature” to have the view that the tariffs imposed on China will affect Fed monetary policy. I.e. he steered the market away from a rate cut scenario. This supported the dollar.
Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0
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