Global macro overview for 16/12/2015:

The long-anticipated fundamental event is happening today in the US, the FED short-term interest rate decision, economic projections, and press conference. The possibility of the Fed's interest rate hike had been priced in 83% today by Fed Funds, so it is almost certain they will do it today. This will be the first rate hike in almost a decade, so the economic implications of this move are very important. Nevertheless, I would like to point out a major concern that many of investors are aware of: what if the Fed will get cold feet and under-deliver? Or, what if there will be only a marginal hike, for example from 0-0.25% to 0.25%? This kind of events would create major credibility issues, a common occurrence with many central banks this year, and leave the markets questioning whether a more transparent Fed is actually of any benefit at all.

The US dollar index is currently trading in the middle of the trading range, just below the important resisntace at the level of 98.33. The support is seen at the level of 97.18 and next resisntace is seen at the level of 99.98.