DXY Holds the Range, Anticipating the FOMC

Jul 26, 2022

The US dollar is holding the range between 106.13 and 107.20. We shot up to the upper bound where we are meeting resistance again, confirmed by a red triangle on the KRI. It is likely that we will continue to range before the FOMC. A 100bps rate hike is expected by some sources. This will likely cause a rally in the dollar and we may break out of the range. If so, 108.50 is the next target. We should have support at 106.13 and 105.78 otherwise.