DXY Technical Analysis: Steady below 100-hour SMA ahead of FOMC
|• The index, over the past one week, has been oscillating within a broader trading range, forming a rectangular chart pattern on the 1-hourly chart.
• On the said chart, the index now seemed to find support near a short-term ascending trend-line, albeit the uptick remained capped at 100-hour SMA.
• The subdued/range-bound price action clearly seems to indicate a wait and watch approach ahead of the key event risk - the latest FOMC decision.
• Hence, it would be prudent to wait for a convincing break through the near-term trading range before positioning for the near-term trajectory.
US Dollar Index 1-hourly chart
Spot Rate: 94.14
Daily High: 94.21
Daily Low: 94.08
Trend: Sideways
Resistance
R1: 94.37 (trading range hurdle)
R2: 94.61 (100-day SMA)
R3: 95.00 (psychological mark)
Support
S1: 93.80 (lower end of the trading range)
S2: 93.40 (horizontal zone)
S3: 93.17 (June month swing low)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.