The dollar was down on Wednesday in Asia, with investors fine-tuning their positions ahead of a U.S. Federal Reserve policy meeting. The Fed will meet later in the day to hand down its policy decision, its first meeting since Fed Chairman Jerome Powell announced a more relaxed approach to inflation at the Jackson Hole symposium on August 27. This stance is widely expected to be continued and may weaken the greenback with the introduction of further stimulus measures. However, some investors disagreed with those expectations.
The EURUSD market shows short term peaking action, driving initial topping selloffs to test 1.1804 support. A close under 1.1800 alerts for a larger top/downturn and projects selloffs to 1.1720. Only a close over 1.1900 will rekindle bull trend forces.