US Dollar clings to gains near 99.30

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback, tracked by the US Dollar Index, is posting meagre gains on Tuesday, albeit managing to keep the trade above the 99.00 barrier.

    US Dollar propped up by data, sentiment

    The greenback kept the narrow range today while risk-on sentiment has returned to the markets following a significant rebound in crude oil prices, lending support at the same time to the rest of the riskier assets.

    Furthermore, auspicious results from the S&P/Case-Shiller index and Conference Board’s Consumer Confidence were supportive of the greenback. On the not so bright note, Services PMI tracked by Markit has come in below forecasts.

    US Dollar significant levels

    As of writing the US Dollar Index is up 0.03% at 99.25 and a break above 99.88 (high Jan.21) would aim for 100.00 (psychological level) and then 100.60 (2015 high Dec.3). On the flip side, the next support aligns at 99.04 (20-day sma) followed by 98.84 (1-month uptrend) and finally 98.01 (38.2% Fibo of 93.82-100.60).
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