US Dollar clings to gains above 97.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The US Dollar Index, which gauges USD vs. its main rivals, is recovering ground after yesterday’s pullback and has returned to levels beyond the 97.00 barrier.

    US Dollar bolstered by sentiment, data

    The index has managed to break above the initial consolidative pattern around 96.70 after both Initial Claims and the manufacturing survey tracked by the Philadelphia Fed have surpassed expectations. In addition, CB’s Leading Index has met consensus during January, contracting 0.2% MoM.

    In the meantime, the index remains on track to close the first week with gains since the failed attempt to regain the psychological 100.00 handle in late January, this time supported by US results and shrugging off yesterday’s dovish FOMC minutes.

    US Dollar levels to watch

    The index is up 0.13% at 97.00 facing the next hurdle at 97.38 (20-day sma) ahead of 97.61 (50% Fibo of 99.95-95.28) and then 98.13 (55-day sma). On the other hand, a breach of 96.38 (23.6% Fibo of 99.95-95.28) would target 94.19 (low Sep.18 2015) en route to 93.86 (low Oct.14).
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