Short-term upside bias remains while above 157.40, needs to take out recent high at 158.50 for gains to extend. A good news from The Fed might be the catalyst for going higher...or lower..
Technical notes: Better sit on the couch for a while, will ya? Let see where the price might be going after the Fed announcement. I wont take a position.
Fundamental notes: On the FOMC meeting, there's plenty of noise out there on the Fed possibly moving only 25 bps versus the more widely expected and priced in 50 bps. Certainly the biggest surprise potential today would be a cut of only 25 bps for the fed - stocks would go into a freefall if it doesnt get its 50. (excerpted from fxstreet.com)
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