Market Analysis Summary: Technical Levels for Major FX Pairs Ahead of the FOMC

Author: Elior Manier

Date: March 17, 2026

Overview

The article discusses the significant changes in the financial markets since the last Federal Open Market Committee (FOMC) meeting, highlighting the volatility in various asset classes and the implications for major currency pairs ahead of the upcoming FOMC meeting.

Market Developments

Since January 28, 2026, the market has experienced notable shifts:

• Oil prices have surged nearly 60%.
• Silver prices have dropped by 25%.
• US stock indexes have declined between 3% to 5%.

One of the most significant developments is the rise of the US Dollar, which reached a 10-month high due to record bearish positioning leading to rapid position closures. This has been exacerbated by a shift in expectations regarding Federal Reserve interest rate cuts, which have decreased from 65 basis points to approximately 20 basis points.

Technical Analysis of Major FX Pairs

The article provides detailed technical levels for several major currency pairs in anticipation of the FOMC meeting:

NZD/USD

    Resistance Levels:
    - 0.58780 (4H 50-period MA)
    - 0.5885 to 0.59 (Momentum Pivot)
    - 0.5930 to 0.5950 (Pivotal Resistance)
    - 0.60 to 0.60150 (March Resistance)

    Support Levels:
    - 0.5850 (December High Pivotal Support)
    - 0.5770 to 0.5790 (Mini-Support)
    - 0.5720 to 0.5750 (Main Support)
    

USD/JPY

    Resistance Levels:
    - 158.50 to 159.50 (2026 Major resistance)
    - 159.75 (2026 Highs)
    - 160.00 to 160.40 (Major Resistance)

    Support Levels:
    - 158.63 (4H 50-period MA)
    - 157.40 to 157.65 (Dec highs Major Pivot)
    - 156.00 (Pivotal Support)
    

AUD/USD

    Resistance Levels:
    - 0.71867 (2026 Highs)
    - 0.71 to 0.7150 (2023 Highs Resistance)
    - 0.72 to 0.7230 (June 2022 Extremes)

    Support Levels:
    - 0.6970 to 0.70 (Dec 2021 Lows Major Pivot)
    - 0.69 to 0.6935 (Early Feb Support)
    - 0.6850 (Micro-support)
    

EUR/USD

    Resistance Levels:
    - 1.1540 to 1.1570 (Momentum Pivot)
    - 1.16250 to 1.16350
    - 1.1650 to 1.17 (March Resistance)

    Support Levels:
    - 1.1475 to 1.15 (November Support)
    - 1.14 (August 2025 Lows)
    - 1.35670 (Channel lows)
    

USD/CHF

    Resistance Levels:
    - 0.7850 (2025 lows Pivotal Resistance)
    - 0.79310 (Recent highs)
    - 0.7950 (Minor Resistance)
    - 0.80 (Next resistance)

    Support Levels:
    - 0.7827 (4H 50-period MA)
    - 0.7780 to 0.78 (Momentum Pivot)
    - 0.77 to 0.7725 (August 2011 Lows Support)
    

GBP/USD

    Resistance Levels:
    - 1.33540 (50-period MA immediate test)
    - 1.34 to 1.3440 (Key pivot)
    - 1.3508 (4H 200-period MA)
    - 1.36 (December Resistance)

    Support Levels:
    - 1.33 to 1.3340 (Pivotal Support)
    - 1.3120 (December Support)
    - 1.30 Zone (End 2025 Support)
    

USD/CAD

    Resistance Levels:
    - 1.3750 (Pivotal Resistance)
    - 1.37418 (weekly highs)
    - 1.38 Handle Resistance

    Support Levels:
    - 1.3630 to 1.3660 (Mid-Range Pivot)
    - 1.3550 to 1.3570 (Main 2025 Support)
    - 1.35 (Key Psychological Support)
    

Conclusion

As the FOMC meeting approaches, traders are advised to monitor these technical levels closely, as they may provide critical insights into potential market movements influenced by the Fed's economic projections and ongoing geopolitical tensions.

Happy trading!