The market is in the phase of correction

After a very confident start of trading on Monday closer to the American session, there is some lull and correction against the Asian and European sessions. This market movement is caused by uncertainty ahead of the upcoming Central Banks meetings that will take place this week. In addition to the meeting of the US Federal Reserve to be held on Wednesday, on Thursday, the minutes of the meeting of the Central Bank of Switzerland, the United Kingdom and the euro area will be published, which also makes the market more cautious.

The dynamics of world stock indices is still very positive, which is also contributed to the growth in the cost of raw materials. Despite this, the dynamics of the US currency is constrained by the negative dynamics of the US state bonds and the expectation of a meeting of the US Federal Reserve.

The dynamics of the US dollar index maintains an upward trend and is limited by the existing trade channel and the uncertainty of the market. Support levels: 93.500 and 93.200, resistance: 94.000 and 94.200.

Graph of the US dollar index. The current price is 93,700.

Hanzenko Anton