DXY - FOMC Ahead - What To Expect

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DXY is approaching a key daily structure support

Levels of 103.4 to 103.8, is the zone to focus on

Depending on the reaction of the market to FOMC meeting, one can anticipate 2 potential scenarios to emerge -

1) If price breaks the resistance of a falling wedge pattern on DTF, a bullish move can be expected
2) If price breaks the support of a falling wedge pattern and closes below the green support zone marked, a bearish move can be expected

Everything NOW DEPENDS on the FOMC meeting. My bet is DXY will consolidate here for a while and then rise again for a while before breaking downside since its also make a H&S pattern on weekly timeframe.

Let's see how the story develops. Best wishes!

Disclaimer -

- The opinions expressed here are my own. This is for my own records as well as what I see on charts.
- If you are referring to this, please keep in mind that it is only for educational and research purposes.
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TIA!

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ملاحظة

A break and close below 101.50 will trigger the H&S breakdown taking DXY towards 89 positionally