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Hardy: Why it's make your mind up time for USD

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What's it going to take for the US dollar to break the relatively tight ranges in which it's been trading over the past few days? Saxo Bank's Head of FX Strategy, John Hardy, says it's caught in the cross-fire of two themes, suggestions the next rate hike from the FOMC could be pushed forward still further and its status as a safe haven currency because of its liquid nature. 

John looks at a some of the major pairs, notably USDJPY. It's recovered from last Wednesday's "mini-meltdown" and examines the key levels of which to be aware. In EURUSD, he says that 1.28 is a key resistance level and very loud alarm bells would be ringing for the European Central Bank should it top 1.30. Conversely, the 1.25 area "is huge", says John. None of these levels, including those for AUDUSD, look particularly close right now, he says, except outside USDJPY.