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US Dollar challenges lows near 94.70

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback, tracked by the US Dollar Index, remains under pressure today, currently testing the lower end of the range near 94.70.

    US Dollar in 5-month lows

    The greenback has accelerated its depreciation following the dovish statement from the FOMC meeting on Wednesday, coming down to levels last seen in November 2015 around 94.70, where its seems to have found decent support.

    Positive results from US Initial Claims and the Philly Fed manufacturing Survey plus rumours of BoJ intervention have triggered a bull run to the 95.20 region, albeit it has deflated soon afterwards.

    US Dollar relevant levels

    The index is losing 1.01% at 94.74 facing the next support at 94.19 (monthly low Sep.18 2015) followed by 93.83 (monthly low Oct.15 2015) and finally 93.30 (monthly low Jun.18 2015). On the flip side, a breakout of 95.57 (low post-FOMC Mar.16) would expose 97.12 (200-day sma) and then 97.77 (55-day sma).
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