The Fed & Delta Variant

The Fed & Delta Variant

2021-07-29 • Updated

4H Chart       

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Daily Chart

usdx2.png

The Federal Reserve decided to keep the current policy unchanged as widely expected, with no additional information about the timing of the tapering. In fact, in this meeting, the Fed mentioned tapering twice only. Still, this should not be a surprise. At the same time, I can say that the entire Fed meeting yesterday can be summarized in one single sentence: “With Delta, the Fed just going to have to watch”. In return, the US Dollar Index continued with its downside retracement in line with our estimates, nearing 92.0 support area, while a break through that support would clear the way for further declines, possibly towards 91.60. It's worth mentioning that the current decline is considered as another short-term retracement before the upside trend resumes. The more they talk about tapering the better it will be for the dollar.

S3

S2

S1

Pivot

R1

R2

R3

91.41

91.92

92.12

92.44

92.64

92.95

93.46

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