Last week, the USD was falling against its major competitors amid substantially reduced expectations of an interest rate hike in the US before the end of the year. In the latest FOMC minutes published last Thursday, the regulator stated that the timing for the rate increase might not be right just yet, as inflation remains low while the word economy growth is slowing.
Today attention needs to be paid to few speeches of the Fed officials. Markets expect that there could be some hints on further plans of the regulator and its view on the American economy. The officials’ hawkish position usually positively affect the USD dynamics.
The price reached the upper border of Bollinger Bands® on the 4-hour chart, thus indicating of a possibility of a downward reverse in the near future.
MACD signals a growth continuation as its histogram remains in the positive zone and above the signal line.
Support levels: 1.1135, 1.1106.
Resistance levels: 1.1380.