US Dollar drops to lows near 99.60

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - After climbing beyond the psychological 100.00 mark in early trade, the US Dollar Index has lost upside momentum and is now testing daily lows in the 99.60 area.

    US Dollar weaker on data

    The bull run in USD has lost some vigour above the 100.00 mark during today’s Asian trading hours, following a mix of profit-taking sentiment and disappointing results from the US docket.

    In fact, Markit’s flash Manufacturing PMI, Chicago Fed National Activity Index and Existing Home Sales have all come in below expectations, adding further selling pressure to the greenback, and dragging the index to daily lows.

    US Dollar significant levels

    As of writing the US Dollar Index is up 0.05% at 99.70 with the next resistance at 100.04 (psychological level) followed by 100.38 (2015 high Mar.13). On the other hand, a breach of 98.50 (low Nov.12) would open the door to 96.77 (55-day sma) and finally 94.82 (3-month uptrend).
    For more information, read our latest forex news.

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