US Dollar clings to gains near 97.70

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback, measured by the US Dollar Index, is now giving away part of its initial gains vs. its rivals is and returning to the 97.60 area.

    US Dollar rejected from 98.00

    The US dollar is recovering part of Friday’s sharp pullback, although USD bulls have so far failed to overcome the 98.00 handle posted in early trade. Absent data releases in the US economy, the greenback will remain dependent on the risk-appetite trends, at least until tomorrow, when CPI figures are published.

    It will be a crucial week for USD in light of the FOMC meeting due on Wednesday. Recall that market expectations are strongly inclined towards a rate hike, with probabilities gyrating around 80%.

    US Dollar significant levels

    As of writing the US Dollar Index is up 0.07% at 97.68 facing the next up barrier at 98.91 (high Dec.7) followed by 99.00 (23.6% Fibo of 93.83-100.60) and then 100.00 (psychological handle). On the flip side, a breach of 97.21 (low Dec.9) would open the door to 96.74 (200-day sma) and finally 95.37 (4-month uptrend).

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