Fed Raises Rates Forecasts Three More In 2017
Vantage | Dec 15, 2016 01:24AM ET
The US dollar ripped sharply higher today following the Federal Reserve’s decision to raise interest rates.
While the hike wasn’t a surprise to markets, it was the forecast of THREE more rate hikes throughout 2017 that put a rocket under the buck.
Last week we spoke about EUR/USD reversing out of support and approaching its first point of significant resistance.
Price rejected the level hard and already we’re back to the lows.
EUR/USD 4 Hourly:
At the same time, we had GBP/USD also at resistance.
But after a second push up into the supply zone we identified, it was once again goodnight to the bulls as price couldn’t make any significant higher high.
GBP/USD Daily:
With the US dollar trading sharply higher following today’s Fed interest rate hike and 2017 projections, these levels these two pairs are very much in play.
GBP/USD’s risk is more clearly defined, having just rejected out of the resistance zone, but EUR/USD could easily see stops start to be triggered if it breaks that low.
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