The US Dollar (USD) enters some calm waters on Thursday after a rollercoaster ride on Wednesday following the Federal Reserve’s (Fed) monetary policy decision.
The US Dollar trades broadly sideways after Wednesday’s wild ride following the Fed decision to hold interest rates. Traders took the Fed's rate decision and rhetoric as less hawkish than feared. The US Dollar Index holds ground above 105.50 despite several attempts from bears to break lower. The US Dollar enters some calm waters on Thursday after a rollercoaster ride on Wednesday following the Federal Reserve’s monetary policy decision.
Despite the moves and selling pressure in the DXY, the floor at 105.50 still holds despite three failed breaks in the past two weeks. Dollar bulls are buying at these levels clearly, as support is still there. This could result in a breakout soon, with either bulls stepping away and letting the DXY drop or sellers giving up, seeing DXY shooting higher. On the upside, 105.88 needs to be recovered again with a daily close above it, before targeting the April 16 high at 106.52 for a third time.
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