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Kneejerk Surge For Greenback Reverses, Still Holding Solid Daily Advance

FOREX
  • Broad greenback strength emanated overnight following comments from Russian President Vladimir Putin on the partial mobilisation effective today across Russia. These gains sharply extended following the release of the FOMC decision/statement, with the USD Index soaring to fresh cycle highs above 111.50.
  • Despite the hawkish initial reaction to the Fed seeing a 4.6% peak rate, markets reversed all the moves throughout the press conference, with most asset classes trading back to pre-announcement levels. With that said, the USD Index is holding onto 0.8% gains on the day and is set to close at its best levels since June, 2002.
  • EURUSD is holding onto losses over 1% on Wednesday as trend conditions are being highlighted 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: 1.1200 Round number support
    • SUP 2: 1.1153 1.764 proj of the Jun 16 - Jul 14 - Aug 1 price swing
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