U.S. Dollar Index gains some ground as traders wait for Fed Interest Rate Decision. Fed is expected to cut the federal funds rate from 4.5% to 4.25%. Traders will also focus on FOMC Economic Projections, which will highlight the potential trajectory of the federal funds rate. These projections will likely have a major impact on market dynamics.
The nearest support level for U.S. Dollar Index is located in the 96.40 – 96.55 range. In case U.S. Dollar Index settles below this level, it will head towards the next support at 95.50 – 95.65.
EUR/USD pulled back from recent highs as traders took some profits off the table ahead of Fed decision.
A successful test of the resistance at 1.1870 – 1.1885 will open the way to the test of the next resistance level at 1.1960 – 1.1975.
