At its previous meeting, the Fed hinted that the probable course ahead entailed delivering 75 basis points of easing in 2024, followed by three quarter-point rate cuts in 2025.
In the event of a market retracement, support is expected near the psychological level of 1.0700, followed by April’s swing lows around 1.0600. Prices are likely to establish a base in this region during a pullback ahead of a possible turnaround. However, if a breakdown occurs, the possibility of a rebound diminishes, as this move could lead to a drop towards the 2023 trough at 1.0450.rallied on Monday, blasting past the 200-day simple moving average at 1.2550.
Conversely, if bulls regain control and drive the exchange rate higher over the coming days, initial resistance awaits at 1.3785, followed by 1.3860. Buyers may face difficulty pushing the market beyond this point. However, in the event of a bullish breakout, we can't rule out a retest of the psychological 1.3900 mark in the near term.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
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