US Dollar Squaring Up Ahead of the FOMC Meeting Minutes

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US Dollar Squaring Up Ahead of the FOMC Meeting Minutes

This week, the USD has been tentative because traders are awaiting Wednesday’s FOMC Meeting Minutes. Let’s take a look at the USD Index, the USD/JPY, EUR/USD and GBP/USD.

The USD index shows that the greenback is trading at the crossroads, trying to decide whether the early July bullish attempt will sustain and revive some USD-strength, or whether June’s rounded top should be respected to give way to USD-weakness. The USD/JPY is bearish heading into tomorrow’s event risk, but is still overall in consolidation mode. The EUR/USD is stalling, but looks ready to continue the prevailing bearish trend. The GBP/USD is stalling as well, but looks ready to continue a prevailing bullish trend.

To contact the reporter of this story, email Fan Yang at fan@forexminute.com
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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.