FOMC meeting later on today and market is in a holding pattern in anticipation of likely rate hikes. Price action has been very narrow and tight, typically indicative of a impending sharp move out of the range.
Technicals support upside for the US Dollar, although seasonally the asset typically sells off March through June. Keep in mind that the trend is still bearish, and any USD longs are speculative, including FX trades. Yesterday's close bumped up against the 38.2% extension from February low and as of this writing is at 89.645. We should see significant movement around, during, and after today's rate announcement.
Technicals support upside for the US Dollar, although seasonally the asset typically sells off March through June. Keep in mind that the trend is still bearish, and any USD longs are speculative, including FX trades. Yesterday's close bumped up against the 38.2% extension from February low and as of this writing is at 89.645. We should see significant movement around, during, and after today's rate announcement.
