Fed Chair Comments Support the USDOLLAR

Russell Shor, CFTe, MFTA FXCM

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

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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