But back in the range
The USD's initial reaction was to the upside on the back of the Fed decision headlines, but the initial run higher has seen the dollar move back lower over the last few minutes as changes remain moderate.
EURUSD:
The EURUSD moved from 1.1066 to a low of 1,.1039. The 200 hour MA comes in at 1.10415. The low for the day reached 1.1036. We currently trade back at 1.1047. The 100 hour MA is up at 1.10526. Stay below the 100 and move back below the 200 hour MA would be more bearish for the pair.
GBPUSD:
The GBPUSD was trading at 1.2484 just before the decision. The price moved to a low price of 1.24588. We currently trade at 1.2462. That is still above the low for the day at around 1.2438. Technically the price remains between the 100 day moving average above at 1.24974 and the 100 hour moving average below at 1.24388. The 38.2% retracement of the move up from the low on September 11 comes in at 1.24333. It will take a move below the 100 hour moving average and the 38.2% retracement to solicit more selling pressure (dollar buying)
USDJPY:
The USDJPY was trading at 108.11 just before the FOMC decision. We currently trade at 108.312. That is near the high price for the day.
The USDJPY had been trading in a narrow 19 pip trading range for the day. There is room to roam.
Technically the high from yesterday came in at 108.364. That will be the next target to get to and through. Above that the door opens for more upside momentum. The 50% retracement of the move down from the April high comes in at 108.413. That is the next key target to get above and stay above for the USDJPY
