US Dollar fails just ahead of 100.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 21, 2016.

  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 sharply higher vs. its rival currencies today, currently hovering over the 99.60/70 band.

    US Dollar firmer on ECB’s Draghi

    The bid tone around the dollar has lifted the index to the boundaries of the psychological 100.00 handle earlier in the session, albeit losing some vigour soon afterwards.

    US docket has come in mixed today, with Initial Claims failing to meet expectations while the manufacturing gauge tracked by the Philly Fed surpassing forecasts.

    The greenback, however, has derived the bulk of support from Draghi’s press conference after the ECB meeting, where his tone was tilted to the dovish side, clearly opposed to previous consensus pointing to a neutral stance.

    US Dollar significant levels

    As of writing the US Dollar Index is up 0.56% at 99.59 facing the next up barrier at 99.88 (high Jan.21) followed by 100.00 (psychological level) and then 100.60 (2015 high Dec.3). On the other hand, a breach of 98.60 (1-month uptrend) would open the door to 98.01 (38.2% Fibo of 93.82-100.60) and finally 97.22 (low Dec.14).
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