It could be an important day for traders as the FOMC meeting today will show US economic direction

Traders all over the world anxiously await today's FOMC in anticipation of the speakers;
traders are looking for bullish or bearish comments regarding US economy

Up to now US has indicated to wait until September to start raising rates
and to wait until then to see how current economic recovery holds up

Two major speakers today are expected to be hawkish and a dovish ones,
this could lead to big swings in the price action

It is not clear how Usd price action will be after the meeting,
most economic analists believe that there will be no rate hikes until September

Comments about strong economic recovery and pointing to the upcoming interest raise could push the dollar up,
a wait-and-see attitude could bring it down;
the FOMC could/will also have an impact on Eur/Usd price action and direction

Without any real clues as to what US intends to do I have decided to stay out of any trades before the decision,
I shall wait and see how prices play out after the meeting
and then take a good look at the technical implications on price action

What I do expect is Usd crosses to rise before the FOMC in anticipation
(and Eur/Usd to drop)
So buying Usd/Cad, Usd/Chf or selling Eur/Usd pre-decision for a few pips seems like a good idea,
also the pre-FOMC moves could be used for positioning

If Eur/Usd would drop below 1.12 and you still are a believer that Greece problem will work out,
that would be a nice spot to buy Eur/Usd

Gl all
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