1. Have a read of the FOMC rate statement from last night: FOMC Rate Statement 220916
2. Fed futures shows a 58% chance of a rate hike in December – data dependent. Keep an eye on inflation indicators and global economic and financial developments

Dxy Daily

Been range bound for the past two months. Price fell from the top of the range yesterday which coincides with MM3 - target MM1, which coincides with the bottom of the range. Stochastic also moving down. This could indicate dollar weakness for the near term until data released out of the US indicates a possible increase in inflation towards the Fed's 2% target. So maybe USD weakness until first Friday of October?

Dxy H4

Currently at support Bulls. Bears would be looking for a lower high after the fall from the top of the range at WM3 with a target of WM1.

Dxy H1

Support and resistance clearly shown above.

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