The US dollar jumps 0.34% as Fed upgrades economic outlook. The Fed sees faster decline in the jobless rate. The dollar index forms a bullish reversal pattern on the daily chart. The dollar index (DXY), which gauges the greenback’s strength against major currencies, is gaining altitude with the FX desks paring shorts on the not-so-dovish Federal Reserve (Fed) policy statement published Wednesday. While the Fed kept interest rates pinned near zero and reiterated tolerance for high inflation on Wednesday, it upgraded the economic outlook, putting a floor under the greenback. The bank said it anticipates faster U.S. economic recovery from the coronavirus crisis and foresees unemployment falling faster than the central bank expected in June. As such, the dollar index found support near 92.78 following the Fed statement and has been rising ever since. At press time, the DXY is hovering near 93.50, representing a 0.34% gain on the day. The European desks may take cues from their Asian peers and offer the US dollar, powering more substantial gains in the DXY. The DXY’s daily chart shows an inverse head-and-shoulders pattern is being formed with the neckline resistance near 93.76. A close above that level would imply a bearish-to-bullish trend change and open the doors for 75.77 (target as per the measured move method). Daily chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next RBA’s Kohler: Policy measures to date broadly achieved what bank set out to do FX Street 2 years The US dollar jumps 0.34% as Fed upgrades economic outlook. The Fed sees faster decline in the jobless rate. The dollar index forms a bullish reversal pattern on the daily chart. The dollar index (DXY), which gauges the greenback's strength against major currencies, is gaining altitude with the FX desks paring shorts on the not-so-dovish Federal Reserve (Fed) policy statement published Wednesday. While the Fed kept interest rates pinned near zero and reiterated tolerance for high inflation on Wednesday, it upgraded the economic outlook, putting a floor under the greenback. The bank said it anticipates faster U.S. economic recovery from… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.