Global markets are fluctuating sharply because of high uncertainty. Investors are currently having a difficult time holding deals for a long time, while intraday traders have an opportunity for range trading with clearly defined boundaries.Many are hoping that after the Fed meeting, where interest rates could be raised, there will be at least some certainty in markets. After all, the Fed's monetary policy has a huge influence, especially on global financial markets.As such, those who previously used dollar liquidity actively are now in a difficult position because rate hikes can cause huge financial losses in the future.However, traders should also take into account other factors such as the crisis in Ukraine, geopolitical tension between the United States and Russia and the threat of recession. There are still no grounds for optimism in the markets, at least in the near future, especially since the ongoing geopolitical tension could develop into a larger-scale military conflict with unpredictable consequences.All in all, it is likely that the situation in markets will remain as is until May 4, while dollar will see an end in the decline, followed by a short correction. Commodity and stock markets will also be subject to high volatility.