Eyes on FOMC

Yesterday loss US Dollar against most of the major currencies but the trend that we see from beginning of December is still in game. Just strong breaking levels will proof us that we are out of the trend and it’s a time to sell Dollars. Also, there is very high risk for EUR correction down or if you like call it a take profits, while traders is not so excited to keep long positions close to the end of the year holidays. Now EUR/USD trading around 1.3450, around 83.40 against the yen and around 1.5880 against the sterling. A decline is US Dollar also supported the main commodities, while a crude oil back to his 90$ levels and Gold is trading above 1,400$ levels. Today the market will follow busy day on economic calendar while the FED is expected to keep Interest Rate unchanged today later on. But traders will be listening carefully what FOMC has to say about US overall economy and from here to set a new moves for a greenback. At 09:30 GMT focus will be on UK Consumer Price Index and Retail Price Index, at 10:00 GMT German ZEW Survey -Economic Sentiment-that expected to show decline and by this to might harm EURO, at 13:30 GMT US Retail Sales for November and the most important US Federal Open Market Committee Rate Decision at 19:15 GMT. Later at night the motion of the Japanese Yen might be affected by the Japanese Tankan Index, which expected to release at 23:50 GMT.

Technical Levels

EUR/USD

Just a break above 1.3600 can indicate that the pair is out of the range trade. Till then a risk for a reversal is high. MACD is pointing up from negative levels after bullish cross. Weekly RSI is getting higher at overbought levels. Daily RSI started to turn down from overbought levels.

USD/JPY

The pair has been range-trading for a while now, with no specific direction. Daily chart's showing mixed signals. RSI is close to his oversold levels and MACD is in negative levels but start to base a bullish cross.

GBP/USD

Charts are supporting recent move higher; Daily charts are mixed; hourly MACD is positive but might start a foundation of a bearish cross. RSI in his overbought levels suggesting a correction down.