Intraday Forex Thursday, September 23 (EURUSD, USDJPY, etc). Dollar traded high as traders eye Fed rates liftoff.


Hi everyone. This observation is made around 5:30 UTC today, with 30 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Asian shares moved higher on Thursday, supported by some positive news from struggling developer China Evergrande Group, while the U.S. Federal Reserve in its policy statement on Wednesday, took a hawkish approach.
Worries about a slowing recovery from the pandemic and elevated inflation continue to linger.
Dollar hit a one-month high, buoyed after the Federal Reserve took a hawkish tilt overnight, set the stage for rate hikes next year far sooner than its developed market peers are expected to move.

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  • Succumbed to one-month low of $1.1684 in early Thursday trade, the euro pulled back to $1.17096, rose around 0.20%.​
  • The euro was pressed towards its major support levels, on dollar strength and a hawkish Fed, with the Fed expected to taper QE, far sooner than its developed market peers are expected to move.​
  • The U.S. central bank left policy settings unchanged overnight and, as expected, did not announce the beginning of asset purchase tapering. But the Federal Reserve said, "a moderation in the pace of asset purchases may soon be warranted" and Fed Chair Jerome Powell said board members believed tapering could conclude around mid-2022, opening the way for rate hikes after that.​
  • The EUR/USD bounced off the resistance of the 1.175 level on Tuesday. Above 1.175 minor resistance will turn bias back to the upside for 1.178.​
  • On the other hand, the fall might be still in progress and intraday bias remains on the downside for 1.1663 low. Decisive break there will resume the fall to 1.1635 key support next.​
Important Levels to Watch for:​
  • Resistance line of 1.17535 and 1.17813.​
  • Support line of 1.16636 and 1.16359.​

  • The dollar extended its gains overnight on Thursday, last traded to 109.815 yen, about the middle of a range it has kept since March.​
  • Liquidity was lightened by a holiday in Japan on Thursday.​
  • The greenback gain ground late Wednesday after Powell's news conference and ended up advanced 0.5% for the session - its sharpest gain in more than three months.​
  • Weakness in the Japanese yen also stemmed in the wake of the BoJ’s decision to keep policy on hold. The Bank of Japan, which met on Wednesday, made no policy changes and is not seen lifting rates anytime soon.​
  • The safe haven yen had also suffered a bit after developer China Evergrande offered the market some relief after its main unit said it agreed to settle a bond interest payment with some domestic creditors.​
  • The USD/JPY pair rallied upwards strongly yesterday, reinforcing the expectations of continuing the bullish trend, and the way is open to visit 110.104 that represents the first resistance, followed by 110.413.​
  • The support line at 109.103 stopped a price slide. This area has been tested successfully four times since Mid-July. A failure to hold will indicate the selling pressure is getting stronger. Further down, 108.793 is eyed.​
Important Levels to Watch for Today:​
  • Resistance line of 110.104 and 110.413.​
  • Support line of 109.103 and 108.793.​
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