Good Day,

At last we have the FOMC releases and Press Conference later today and there is a chance that we may get some volatility.

Will Janet Yellen remain DOVISH or will she turn HAWKISH? Basically, this is what its all about today in my opinion. Carney set the ball rolling last week and the jury is still out on whether the FED will move their goalposts by bringing forward interest rate hikes from early/mid 2015 to early 2015 or even the end of 2014.

It is interest rates that basically move the Forex markets, so this is what we need to look for in the statement and from her comments in the press conference.

If she remains DOVISH: The GBP/USD will re-test 1.7000 and maybe break higher. The EUR/USD may break through 1.3885 and seat about 1.3620 and then 1.3670.

If she does a Mark Carney and go HAWKISH: