Where will the USD go today?

Today is the day! We will find out if the Fed will cut interest rates in US. Most of the economists and experts agree on this but we all know, that we’ve been surprised before we can be surprise again today.
Tomasz Wiśniewski
Where will the USD go today?

Regardless of the final number, we can expect a higher volatility. For those excited about the big movements on the USD, we have two setups with the American Dollar in them.

First one is the USDCHF, where the price action is suggesting us an upswing. Pair bounced from the horizontal support on the 0.97 and created an inverse head and shoulders pattern. Last week finished with the breakout of the neckline and the mid-term down trendline. This week, started with the correction but it does not change the positive sentiment that was triggered on the last Thursday. As long as we are above the neckline, the buy signal is ON.

Next instrument is Brent Oil, where we are still waiting for a proper trading signal. The price is still locked in the symmetric triangle pattern. The way to trade this is pretty simple. You buy, when the price will break the upper line of the triangle and sell, when the price will break the lower line of this pattern. As for now, traders need to be patient.

Last instrument is an exotic pair – EURPLN. Setup here is quite similar to this one on the USDCHF. We do have an inverse head and shoulders pattern, with the neckline, which was already broken. Today, we do have a small drop but the bullish momentum is still very strong and the price should be aiming higher again in the nearest future.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.