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CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

FX levels to watch: EUR/USD, GBP/USD and USD/JPY

The dollar is weaker as the Fed begins its two-day meeting, but given the recent trends in FX markets this may not last long.

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EUR/USD rallies into possible selling zone

The EUR/USD is making another attempt to break higher, spiking towards $1.137.

But such surges have not turned out well over the past month. We would need to see a close above $1.14 to provide more evidence that this breakout has some strength behind it. Otherwise it will merely provide another selling opportunity.

EUR/USD chart
EUR/USD chart

GBP/USD on the up for now

GBP/USD continues to rebound from the lower low created last week, but it now needs to clear trendline resistance from the November highs, which would suggest a push to $1.27.

A failure to maintain these gains would be another selling opportunity. Above $1.27 the $1.2773 area comes into play.

GBP/USD
GBP/USD

USD/JPY back to crucial support

The area around ¥112.30 has been crucial support over the past six weeks for USD/JPY, so if this holds a bounce back to ¥113.60 is possible.

A failure to hold the zone brings ¥111.30 into play, the lows from late October. It will be crucial to watch the intraday price, to see if a rally from the lows has legs. Any bounce that fails to recover ¥113.00 would be a selling opportunity.

USD/JPY chart
USD/JPY chart

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