US dollar strength is apparent this morning, with the pound in particular losing ground rapidly in the wake of the Fed meeting. 

Pound sterling
Source: Bloomberg

Sellers in control of GBP/USD
Last night’s Fed move has led to further weakness in cable, taking it back to key support in the region of $1.4950, with more potential support around $1.4923.

The sellers remain in control, with further downside targets around $1.4870, and then on towards $1.4780, the bottom end of the existing descending channel. A bounce would need to clear $1.50 to suggest a turnaround is in play.

EUR/USD losses remain relatively contained
So far losses have been relatively contained, with sellers unable to get the pair below support at $1.0822.

If this is broken we look towards $1.0770 and then $1.0675, as the pullback from $1.10 continues.

A turn higher would run into resistance around the 50-day simple moving average (SMA) at $1.0923, and then on towards $1.0968. 

AUD/USD pullback may be over
Continuing reluctance to push much below $0.72 suggests the pullback from the December highs may have run its course.

If the price can move back through $0.7263 upside momentum may accelerate, at which point we look towards $0.7323 and then $0.7366.

Downside targets if $0.72 is lost lie around $0.7116 and then $0.7056. 

Any USD/JPY weakness looks to be bought
Strong gains in USD/JPY last night indicate that dollar bulls are still in charge here, with further upside targets around ¥123.23 and then ¥124.

Support is possible at the 200-day SMA at ¥121.51, with the daily pivot at ¥122.12 also worth watching. For the time being, it seems that weakness in this pair will continue to be bought. 

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