The US dollar softened after the Fed raised interest rates by 50 basis points as expected. The bulls have been probing resistance under September’s high of 0.6900 for a couple of weeks. Profit-taking was not enough to trigger a broader sell-off, which suggests that sentiment has stayed rather upbeat. The latest surge shows strong commitment from the long side and a bullish breakout could extend gains above the psychological level of 0.7000. The demand zone around 0.6780 is key in keeping the momentum in play.
