Intraday Forex Wednesday, March 17 (EURUSD, USDJPY, etc.) Dollar held gains for the fourth session, focus shifted to the FOMC meeting later today.


Hi everyone. This observation is made around 5:15 UTC today, with 30 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Global stocks turned lower on Wednesday, tracking the cautious performance of Wall Street overnight ahead of the conclusion of the U.S. Federal Reserve's decision on interest rates at 1800 GMT.
Oil slipped as the dollar ticked higher for the fourth session.
Gold hover near their 2-weeks high on prospects of higher inflation, although the bounce in Treasury yields kept the gains in check.

Meanwhile, the dollar held gains against major currencies, and edged up against the commodity currencies, as investors eyed policymakers' remarks on a recent spike in bond yields, fears about rising inflation and the economic outlook.
Bitcoin traded around $55,000, down from its weekend peak above $61,000.

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  • The euro was flat versus the dollar after declining in the past three sessions, traded at $1.19037.​
  • Speculation about what the Fed will say on Wednesday at the end of its 2-day meeting kept markets mostly range-bound. Fed policymakers are expected to forecast the U.S. economy will grow in 2021 by the fastest rate in decades as it recovers from the pandemic.​
  • A higher T-note yields are positive for the dollar, with the 10-year T-note yield rose on Wednesday.​
  • Euro zone government bonds held ground as caution set in before the Fed meeting.​
  • Concern about a third COVID-19 wave in Europe meanwhile, has become a catalyst and bearish factor for EUR/USD. Europe’s vaccine roll-out has been hampered by the suspension of AstraZeneca shots in several European nations amid concerns about possible serious side effects, threatening economic growth and recovery, and tarnishing vaccine rollouts as a pillar for a global recovery.​
Important Levels to Watch for:​
  • Resistance line of 1.19553 and 1.19824.​
  • Support line of 1.18677 and 1.18406.​

  • The dollar reverses overnight losses to turned higher on Wednesday. Though it moves with caution evident ahead of the central bank meetings.​
  • Against the yen, the greenback firmed 0.12% to 109.121 yen, hovering near 9-month highs hit this week.​
  • The firmer tone for the dollar in the meanwhile, came following the higher T-note yields.​
  • The U.S. economic data also bolstered the progress. U.S. import price data was stronger than expected and supportive for the dollar.​
  • Next, traders are turning their focus to the extensive policy review by the U.S. Fed’s later today and on the BoJ monetary meetings on Friday this week.​
Important Levels to Watch for Today:​
  • Resistance line of 109.607 and 110.092.​
  • Support line of 108.637 and 108.152.​

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