DXY move down to 108, then awaiting FOMC decision Nov 1-2
Currently watching two paths for the DXY on 6 hour chart. A symmetrical triangle within an ascending channel has broken down and has closed at a bearish retest. Expecting continuation to 108.39 - 109.31 range, for initial support.
FOMC meeting this upcoming week on Nov 1-2, paired with the monthly open will be a determining factor of where markets are heading for month of November.
If FOMC meeting continues hawkish overtone on raising interest rates, I expect the dollar to find support around this area (Orange Path). If the Fed shows any dovish signs ( which I believe market has already started to price in), we should see a break of a weekly trendline and a move towards demand zone of 106 (White Path).
US election day is also Nov 8, so political agendas in the media should take forefront in influencing markets. Something to be aware of.
Cheers!
FOMC meeting this upcoming week on Nov 1-2, paired with the monthly open will be a determining factor of where markets are heading for month of November.
If FOMC meeting continues hawkish overtone on raising interest rates, I expect the dollar to find support around this area (Orange Path). If the Fed shows any dovish signs ( which I believe market has already started to price in), we should see a break of a weekly trendline and a move towards demand zone of 106 (White Path).
US election day is also Nov 8, so political agendas in the media should take forefront in influencing markets. Something to be aware of.
Cheers!
Comment:
DXY has not pulled back and has held around 111's. Still expecting a pullback to 108's. Orange path currently is the path I view most likely.