I know where I'm getting out before I get in.
The Shared Currency surged to $1.1344 as the greenback nursed losses amid some speculation the U.S. Federal Reserve could take steps to curb a recent rise in bond yields at its policy meeting.
The Cable was driven by dollar weakness on Tuesday, rising back above $1.27, as shifts in global risk appetite played a bigger role for sterling than domestic issues such as Brexit.
The Yen extended gains to 107.35/dlr fearless ahead of the Fed meeting.
The Aussie recovered to $0.6970 from a low of $0.6905 on Tuesday, still suffering remarks from China’s education ministry, telling students to consider whether to study in Australia or leave, amid escalating tensions Beijing and Canberra.
South Africa's rand extended gains to 16.59 against the U.S dollar on a strong advance in emerging currencies spurred by global economic recovery hopes.
16:30 - USD - Core CPI (MoM) (May)
18:30 - USD - Crude Oil Inventories
22:00 - USD - Fed Interest Rate Decision
22:00 - USD - FOMC Statement
22:00 - USD - FOMC Press Conference
- From an Elliott Wave standpoint, USDCHF could potentially unfold into compelling impulsive Wave C of the zigzag correction of Wave (2) to a narrowing region 0.9550 (50% retracement of Wave (1)) to 0.9395 (100% projection of Wave A through B) in the near term trend, from the downside bias from April 6th high of 0.9797.
- Price could immediately start to shoot back up into Wave (3) on a longer perspective.
- Piercing above the resistance 0.9905 would endorse the structure.
- Alternatively, broader bearish invalidation of Elliott Wave Structure rest at 0.9191 of March 9th low while Relative Strength Index signals a bullish recoil higher for the pair.