BluetonaFX - DXY US Dollar Fragile After FOMC
Hi Traders!
The US dollar is showing signs of fragility after the expected 25 basis point interest rate hike from the Federal Reserve and the FOMC press conference today due to the ongoing high inflation issues in the US economy.
This was reflected in the price action on the DXY 1D chart. The market hit the 50% Fibonacci retracement level at 101.590 to continue the bearish impulsive wave, and the US dollar index might continue down and go back under the 100 level to target the support level at 99.578.
There is further data out of the US tomorrow, and if we get further bad news from the US tomorrow, we might possibly get the break below 100.
Please do not forget to like, comment, and follow, as your support greatly helps.
We appreciate your support.
BluetonaFX
The US dollar is showing signs of fragility after the expected 25 basis point interest rate hike from the Federal Reserve and the FOMC press conference today due to the ongoing high inflation issues in the US economy.
This was reflected in the price action on the DXY 1D chart. The market hit the 50% Fibonacci retracement level at 101.590 to continue the bearish impulsive wave, and the US dollar index might continue down and go back under the 100 level to target the support level at 99.578.
There is further data out of the US tomorrow, and if we get further bad news from the US tomorrow, we might possibly get the break below 100.
Please do not forget to like, comment, and follow, as your support greatly helps.
We appreciate your support.
BluetonaFX
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