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Hello everyone, today XM Forex will bring you "[XM Foreign Exchange Market www.xmyktj.cnmentary]: The US dollar index fell to a nearly 1.5-month low". Hope this helps you! The original content is as follows:
XM Foreign Exchange APP News - The core event of this week will be on December 10 (03:00 am on December 11th, Beijing time). The Federal Open Market www.xmyktj.cnmittee (FOMC) of the Federal Reserve will announce an interest rate decision, and half an hour later Federal Reserve Chairman Jerome Powell will hold a press conference. Judging from the U.S. Dollar Index (DXY) chart, the U.S. dollar is weakening as the event approaches. This performance reflects the current market sentiment: Affected by Trump-related pressure and the cooling labor market, the market generally expects the Federal Reserve to cut interest rates by 25 basis points. This expectation further supports the bearish trend in the US dollar that has formed since late November. On November 24, we pointed out the key points: → Emphasized the importance of the resistance level near 100.20 points; → Constructed a dual trend channel analysis system. (USD Index 4-hour chart source: Yihuitong) Since then, the price has continued to decline within the descending channel, and the following key changes have occurred: → A new fluctuation high is formed, allowing us to correct the channel boundary; → The index forms a large bearish double top pattern (A-B pattern) above the 100-point psychological mark. The U.S. dollar index chart shows that selling pressure currently dominates the market (as indicated by the arrows in the figure): → The lower rail of the ascending channel has www.xmyktj.cnpleted its role change, transforming from a support level to a resistance level; → The role of support and resistance has also been reversed at the 99.11 point level. Today, the U.S. dollar index moved near the lower track of the downward channel. In the short term, reasonable expectations are as follows: → Before the news event www.xmyktj.cnes to light, the market may enter a wait-and-see mode; → Relying on the support of the lower track of the red channel, the technical aspect may form a volatile consolidation range. Be wary of Wednesday night
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