USD is Higher Ahead of FOMC Meeting Minutes
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4H Chart
Daily Chart
The US Dollar Index bounced back at the first trading day of the week after a long weekend. The index managed to stabilize above the 92.0 support area right before the US opening bell and spiked all the way to 92.60’s. Despite yesterday’s rally, the technical indicators remain overbought on most timeframes, especially on the daily chart, which doesn’t support the idea of further gains ahead. Moreover, all eyes are at the FOMC Meeting Minutes today, which might be the catalyst for another short-term retracement to the downside. We still prefer to wait for such retracement. Chasing the current rally would be risky in the short-term.
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 91.09 | 91.75 | 92.15 | 92.40 | 92.80 | 93.06 | 93.72 |