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US Dollar buoyant around 99.40

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback, tracked by the US Dollar Index, is reverting yesterday’s pullback and is now hovering over the 99.40 area within a narrow range.

    US Dollar propped up by risk, US data

    The index keeps consolidating its advance above the key 99.00 barrier at the end of the week, bolstered by ECB-induced risk-on trade following yesterday’s ECB meeting and auspicious results from the US docket.

    In fact, Existing Home Sales have ticked higher to 5.46 million during December, surpassing estimates and November’s reading. In addition, Markit’s flash manufacturing PMI for the current month has come in at 52.7 vs. 51.1 initially forecasted. On the opposite side, CB’s Leading Index surprised to the downside, contracting 0.2% in December.

    US Dollar significant levels

    As of writing the US Dollar Index is up 0.28% at 99.38 facing the next up barrier at 99.88 (high Jan.21) followed by 100.00 (psychological level) and then 100.60 (2015 high Dec.3). On the other hand, a breach of 98.66 (1-month uptrend) would open the door to 98.01 (38.2% Fibo of 93.82-100.60) and finally 97.22 (low Dec.14).
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