On the back of the FOMC outcome from yesterday, in which Fed members showed the median forecast for 2 interest rate hikes by the end of 2023 (up from 0), the US Dollar has moved aggressively higher. The DXY was near the 50% retracement level of a descending wedge just above 90.50 pre-FOMC. However afterwards, the US Dollar Index shot up to the wedge target at 91.48. Today, the DXY is continuing higher, but where does it go from here? {chart} On a 240-minute time frame, we can see that price is approaching horizontal resistance and the 61.8% Fibonacci retracement level from the March 31st highs to the May 25th lows. ... (full story)