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.
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