The US dollar softened after the Fed raised rates by 75bp as expected. The medium-term direction still points to the upside but intraday price action may remain choppy. The pair has struggled to find bids and given up most of its gains from the rally in early July. 0.9550 is a key support near the base of the previous recovery. A bearish breakout would indicate that the path of least resistance is down. The pair would be vulnerable to a sell-off below 0.9500. 0.9670 is the resistance to clear before the greenback could stabilise.
