Today FX traders are waiting with bated breath for the Fed’s interest rate decision, statements, and economic projections. The USD is gaining momentum, and on few instruments, that appreciation is giving us a buy signal. However, this might be premature.
The USDCAD pair is attacking the upper line of the ascending triangle pattern, and the H4 candle closing above the horizontal resistance will give us a mid-term buy signal.
The USDCHF is breaking the upper line of the flag formation, which is very positive, but for a proper buy signal, we would first need to see the breakout of the horizontal resistance on the 0.988.
The NZDUSD pair defended the lower line of the rectangle pattern, yet the selling pressure remains very high. The daily chart looks rather negative as the last few candles are shooting stars, which show us constant bullish weakness.