FOMC Minutes release is the main event of the day. Document will be published in the evening at 7:00 pm BST. Investors will look for hints on whether discussion over quicker policy tightening took place or not. Fed Chair Powell continues to stress that outlook remains uncertainty amid pandemic but recent US economic data was decent. Traders should be aware that Minutes as well as Biden speech 15 minutes earlier (6:45 pm BST) may trigger additional volatility on the USD market.
Taking a look at the US dollar index (USDIDX) at the H4 interval, we can see that price dropped below the lower limit of the upward channel. Downward move was halted at the lower limit of the local market geometry. Moreover, a 100-period moving average can be found in the area and it had halted the previous correction.