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US Dollar clinches 97.00, session tops

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The US Dollar Index, which tracks the greenback vs. its main rivals, keeps alive its march north, now printing session highs in the 97.00 neighbourhood.

    US Dollar in 2-month peaks

    The greenback saw its upside accelerated after the ECB hinted at the possibility of further monetary easing at yesterday’s meeting, while today’s decision by the PBoC to cut its rates by 25 bp has given USD extra wings, pushing the index to the boundaries of the 97.00 handle.

    The dollar has managed to revert the recent weakness after market expectations of a Fed’s lift-off have now shifted towards a H1 2016 rate hike. Ahead in the week, the FOMC meeting will be the main event, although the possibility of a major announcement remains close to zero.

    US Dollar significant levels

    As of writing the US Dollar Index is up 0.62% at 97.03 and a breakout of 98.40 (monthly high Aug.7) would expose 99.00 (psychological level) and then 100.38 (high Mar.13) . On the downside, the next support lines up at 94.76 (38.2% Fibo of 98.40-92.52) followed by 93.99 (uptrend from August low) and finally 92.52 (low post-PBoC move Aug.24).
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