Note: The S/R levels (i.e. likely bank trader order levels) as depicted in their respective timeframes in this and prior articles have not changed, and will probably NEVER change regardless what happens in financial markets. What follows is my own world view, developed from an institutional trading career dating back to 1995.
Tonight’s FOMC meeting will be closely watched in a background of a LOT things happening at the same time. The EU has granted an extension to Brexit for 31 January. Some hours after the extension announcment, UK MPs voted to hold the nation’s third election in four years.
Impeachment pressures are ramping up against the White House, with President Trump’s brain expectedly racing for more ideas on how to distract from his personal crisis.
The following are the S/R snapshots before the FOMC, including some charts on the Canadian dollar as the BOC is also having its rate policy meeting today. The BOC is expected to hold rates steady this time around.