US Dollar deflates to 97.40, session low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback, in terms of the US Dollar Index, is trading on the negative ground on Thursday, retreating to the 97.50/40 band, or session lows.

    US Dollar retreats from 97.90

    After climbing to 2-month highs in levels just shy of the 98.00 handle post-FOMC meeting on Wednesday, the index has given away part of the advance and has now retreated to the mid-97.00s.

    The recent hawkish tone by the Committee has left the door open for a rate hike at the December meeting, boosting the demand for USD at the same time, although poor results from the US docket today have prompted traders to step in and cash up recent gains.

    US Dollar significant levels

    As of writing the US Dollar Index is down 0.24% at 97.45 with the immediate support at 96.51 (low Oct.28) followed by 96.22 (200-day sma) and finally 95.70 (55-day sma). On the upside, a surpass of 97.89 (high post-FOMC Oct.28) would expose 98.40 (monthly high Aug.7) and finally 99.00 (psychological level).
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