Open trading account 
Progress on U.S. tax reform, better than expected GDP revision and Janet Yellen with some hawkish comments have all been welcomed by the dollar bulls. Yet the currency struggled to make any significant headway today. Markets have continuously underestimated Fed's resolve to normalize rates in this cycle.
al_dcdemo's Blog
USD/JPY supported ahead of the FOMC
USD/JPY remains fundamentally supported on both sides of equation. Progress on U.S. tax reform means prospects for more Fed hikes and wider interest rate spread. Japanese PM Abe's recent election victory means more Abenomics. After seven consecutive green weeks, Nikkei is trading at 20-year highs.
The pair started the week by falling below the 2017 resistance line, but is already back above the level. 114 is the immediate resistance before last week's high near 114.5. After that, 115 - 116 is th…
The pair started the week by falling below the 2017 resistance line, but is already back above the level. 114 is the immediate resistance before last week's high near 114.5. After that, 115 - 116 is th…
USD/JPY sells off but then storms back above 113
During a bout of risk-off yesterday, USD/JPY fell on news that Spain's cabinet will suspend Catalan autonomy on Saturday, but there was no follow through. The pair recouped all losses and surged to a new weekly high overnight as U.S. senate approved budget plan that moves them closer to tax reform.
The pair is currently trading just above 113. The initial resistance is at 113.40 where the declining 2017 trendline coincides with last week's high. If that gives way, 114 will come into focus. 112.7…
The pair is currently trading just above 113. The initial resistance is at 113.40 where the declining 2017 trendline coincides with last week's high. If that gives way, 114 will come into focus. 112.7…
USD/CHF testing top of its five-month range
There appears to have been some progress on the U.S. tax reform but it is all words so far. Trump hasn't managed to repeal and replace Obamacare but maybe he could gather sufficient support for lowering some taxes.
USD/CHF made another attempt at the strong resistance area at 0.975 - 0.98 this afternoon but pulled back sharply. That area is backed by descending 2016 - 2017 trendline and 200 DMA. 0.97 is the initial support and then 0.965.
USD/CHF made another attempt at the strong resistance area at 0.975 - 0.98 this afternoon but pulled back sharply. That area is backed by descending 2016 - 2017 trendline and 200 DMA. 0.97 is the initial support and then 0.965.