Important events today:

19:00 UTC – US: US Fed meeting.

The decline in quotations is used to open Buy positions for two reasons. Firstly, the commodities market is again seeing a good demand for commodities – investors cheered up after positive macrostatistics from China. The Celestial Empire signals an acceleration of GDP growth, which means it will be actively buying up raw materials around the world. This is a negative factor for the USD as the American currency historically has an inverse correlation with commodities.

Secondly, the U.S. Federal Reserve may signal today that the monetary tightening cycle is coming to an end as inflation is coming down and that means there is no point in raising the interest rate too much, which is also negative for the dollar. Excessively high interest rates increase recession risks and the Fed understands it very well.

Recommendations: Buy 1.2300/1.2270 and TP 1.2400.