US Dollar clings to gains above 99.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The US Dollar Index, which tracks the greenback vs. its main rivals, has now faded the earlier stab to the 99.40 area, returning to the boundaries of 99.00 the figure.

    US Dollar supported at 99.00

    The upside momentum around the dollar seems to be fading at the moment, prompting the index to retrace the uptick to the 99.40 area, or session peaks, to the current 99.00 neighbourhood.

    Nothing worth mentioning in the US docket today, apart from some dovish comments by Boston Fed E.Rosengren, who stated that future rate raises should follow a gradual path.

    Ahead in the day, Chicago Fed C.Evans is due to speak ahead of the Fed’s Beige Book to be released in the European evening.

    US Dollar significant levels

    As of writing the US Dollar Index is gaining 0.10% at 99.12 with the immediate resistance at 99.73 (high Jan.6) ahead of 100.00 (psychological level) and then 100.60 (2015 high Dec.3). On the other hand, a breakdown of 98.60 (20-day sma) would target 98.25 (1-month uptrend) and finally 97.21 (50% Fibo of 93.82-100.60).
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