The FOMC minutes showed that conditions of substantial further progress have not been met for the Federal Reserve to start tapering. The minutes contained some degree of uncertainty among policy makers which is why the U.S. dollar initially slipped on the release. However, large price swings are lacking since market volatility remains subdued.
Generally speaking, the Fed tapering prospects will lead to a stronger greenback in the medium-term but now doesn’t appear to be the right time to expect too much from the hawks.
EUR/USD: If 1.1780 breaks, we will watch out for falling prices towards 1.1730/1.17. Resistances are seen at 1.1850, 1.19 and 1.20.
GBP/USD: We still see a crucial support at 1.37 from where we could see some rebound but if bears are strong enough to push the pair significantly below 1.3670, traders should expect steeper losses towards 1.35. Resistances are seen at 1.3850, 1.39 and 1.40.
DAX: We have already reached our weekly profit target while we were able to book good profits in three consecutive trading days. The index’s price range remains sideways between 15750 and 15450. Any break above or below this area should be considered as a potential chance for larger moves.
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