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2026-09-16 18:00:09
[Forex Market Commentary: Closely Watch the Dollar's Closing Price After the Fed Decision] ⑴ Wednesday's closing price will play a crucial role in the dollar's subsequent movement. ⑵ The dollar retreated from multi-week highs on Wednesday as oil price gains stalled and the Fed's interest rate decision loomed. ⑶ Traders expect this meeting to potentially kick off a US rate hike cycle. ⑷ The dollar index continues to hold above 99.566, the 76.4% Fibonacci retracement level of the September decline from 99.865 to 98.598. ⑸ The 14-day momentum indicator turned positive last week, reinforcing the subtle shift in market sentiment towards a bullish outlook. ⑹ If the dollar index closes above 99.566 again on Wednesday, it will expand its upside potential, potentially breaking through the September high of 99.865 and reaching the August peak of 100.080. ⑺ However, if the closing price in the trading session following the Fed meeting fails to hold above 99.566, it could signal the formation of a "bull trap."
