FOMC Policy Rate didn't provide traction for the bulls to continue after price corrected. Bears took over to 61.8% retracement of the whole bullish leg from Monday.
In the dailies, we see the continuation of the higher high and higher low pattern so this gives us an overall bullish bias. The only question for today is if the 2 policy statements today from SNB and BOE will be complimentary.
Plotting the extremes, we see extreme support at 159.00 and extreme resistance at 163.20. These levels should be well respected. The supposed role reversal support of 162.20 yesterday is invalidated by the move down during US Session. Instead, it seems to act as a resistance since it lies around 61.8% of the bearish leg in the H1.
In the dailies, we see the continuation of the higher high and higher low pattern so this gives us an overall bullish bias. The only question for today is if the 2 policy statements today from SNB and BOE will be complimentary.
Plotting the extremes, we see extreme support at 159.00 and extreme resistance at 163.20. These levels should be well respected. The supposed role reversal support of 162.20 yesterday is invalidated by the move down during US Session. Instead, it seems to act as a resistance since it lies around 61.8% of the bearish leg in the H1.