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Greenback Surges Following Fed Announcement, USD Index Pierces Above 111.50

USD
  • Broad Greenback strength extending following the release, with the USD Index soaring to fresh cycle highs above 1.1150.
  • EURUSD is now down 1.35% on Wednesday as intra-day weakness has been exacerbated by a break of the bear trigger at 0.9864, the Sep 6 low.
  • The next immediate levels of note on the downside are:
    • SUP 1: 0.9800 Round number support
    • SUP 2: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing
  • Similarly, GBPUSD has moved sharply lower and has broken through the 1.13 mark. Nearest support levels are:
    • SUP 1: 1.1248 1.618 proj of the Jun 16 - Jul 14 - Aug 1 price swing (briefly pierced)
    • SUP 2: 1.1200 Round number support
    • SUP 3: 1.1153 1.764 proj of the Jun 16 - Jul 14 - Aug 1 price swing

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