USDCAD breaks support
The Fed’s decision to stick with its ongoing plan relieved the Canadian dollar. The pair has met some selling pressure in the supply zone at 1.3800. A tentative break below 1.3730 next to the daily SMA would dent the short-term optimism and trigger an extended sell-off with 1.3600 as a potential target. On the upside, 1.3780 is an intermediate resistance, and only a close above 1.3800 would resume the recovery.
USDCHF begins the turnaround
The US dollar dropped almost 100 pips as the pair fell towards the 0.9100 level. With the Fed holding its fund rate again, inflationary pressures remain as the 2% target this year seems to disappear. The recent move attempts to close below 0.9120 could lead to a longer-term bearish rally. Support at 0.9150 could bring some bulls back into play, but they need to reach the recent top above 0.9200. Another round of sell-off could send the greenback to the April lows around 0.9020.
SPX 500 remains indecisive
The S&P 500 slipped after a modest resurgence. The index stopped with the recent Fed’s decision, suggesting a correction could be coming. The lack of strength above 5100 indicates that buyers are bailing out, with that level turning into a fresh resistance. The daily swing low of 4950 has become a firm support, and its breach would trigger a broader sell-off to the psychological level of 4800.
