HYCM Consultant Discusses the Potential of Dollar Rally

The Chief Market Analyst of HYMC, Giles Coghlan, lends his voice to the financial market prediction pool in an article published on FXempire.

Details of HYMC Consultant's Potential Dollar Rally Predictions

In his article, HYMC Chief Market Analyst, Giles Coghlan, acknowledged the FOMC meeting minutes held on February 22, 2023, as an accurate representation of the level of agreement among Fed officials about February's 25-basis point increase. He said the CME's FedWatch tool indicates an 81.9% probability that the Fed will raise interest rates by 25 basis points in March.

Giles also made a case for an unprecedented PPI print and January's surprising US retail sales. In his opinion, the recent CPI print's numbers "may provide the Fed the proof it needs for a much higher projected raise next month."

The analyst provided further technical explanations for the dollar's recent currency increase. In his description, he noted that Dixie had improved during its short spans and that this development was progressively being shown over the long time spans.

Giles anticipated the failed breakthrough from January 5 at about 105.5 would be the next level to watch. According to him, "passing this level will strengthen the argument for the bulls."

According to the analyst, the daily chart better depicts the recent uptick in bullish activity. He mentioned that the failed breakout from January is another level to watch out for. He added that market participants should pay close attention to the 200-day moving average.

According to Giles, the recent daily "higher-high" also signifies a break over the 23.6% Fibonacci retracement level. This is anticipated as the next line of resistance at 38.2% is just below the 200-day moving average.

About HYCM

The HYCM Company is an offshoot of the Henyep Group. The company has actively participated in the financial market for over four decades.

HYCM provides its services to both institutional and retail traders. It affords its clientele a repertoire of trading instruments, including currencies, equities, precious metals, and cryptocurrencies.

The company ranks among the best brokers because of its fast data transfer features and convenient trading platforms. The broker is licensed by the Cayman Islands Monetary Authority (CIMA), the Dubai Financial Services Authority (DFSA), the Cyprus Securities and Exchange Commission, and the UK's Financial Conduct Authority (FCA).