The U.S. dollar was mixed against major currencies ahead of the FOMC decision, where the FOMC is expected to embark on new monetary easing measures to help stimulate the slowing economy, as traders remained cautious amid the uncertainty surrounding the Fed's new stimulus measure.
Meanwhile, the U.S. released the existing home sales index for the month of August, where existing home sales rose by 7.7% to an annual rate of 5.03 million units, well above median estimates of 4.75 million units.
The U.S. Dollar index, which measures the performance of the U.S. dollar against a basket of currencies including the Euro, the Pound, and the Yen, rose on daily basis to trade at 77.05, compared with the opening level at 76.92, while recording a high of 77.38 and a low of 76.90. Gold prices rose to trade at $1809.05, compared with the opening level at $1801.28 an ounce, while crude oil prices rose to trade at $86.99, compared with the opening level at $86.40 a barrel.
The Euro rose against the Dollar, where the EUR-USD pair is trading at $1.3762, compared with the opening level at $1.3702, while recording a high of $1.3765 and a low of $1.3628. The pair managed to reach the first target at 1.3760, and so long it remains above this level, we should expect more upside movement and the target then will be the $1.3800 resistance level, however, if the pair drops below $1.3760, the next target will be the $1.3680 support level.
The British Pound fell today against the U.S. Dollar, where the GBP-USD pair is now trading at $1.5661, compared with the opening level at $1.5731, while the pair recorded a high of $1.5742 and a low of $1.5578. The pair is now trading below the important level at $1.5755 and so long it continues to trade below this level, the next target is set at $1.5475, however breaching the $1.5755 level to the upside would send the pair to the $1.5935 resistance level.
The U.S. Dollar was little changed against the Japanese Yen, where the USD-JPY pair is now trading at ¥76.30, compared with the opening level at ¥76.35, while recording a high of ¥76.75 and a low of ¥76.11. The pair is now trading between the support at ¥75.80 and the resistance at ¥76.75, where breaching the support would send the pair to the downside and target ¥75.25, while breaching the resistance would activate the next target at ¥78.80.