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US Dollar flirting with highs near 99.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 11, 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 now gathering further steam and is currently testing daily tops around 98.80/90.

    US Dollar muted on data, propped up by US Payrolls

    After Friday’s post-Payrolls pullback, the greenback has resumed the up move vs. its main rivals and is now looking to regain the 99.00 mark bolstered by a positive tone from US Treasuries and amidst growing concerns on a potential slowdown of the Chinese economy.

    A light calendar in the US has shown the Fed’s Labor Market Conditions Index improving to 2.9 for the month of December from November’s 0.5. Atlanta Fed D.Lockhart’s speech is due next, grabbing investors’ attention following December Non-farm Payrolls (292K).

    US Dollar significant levels

    As of writing the US Dollar Index is gaining 0.40% at 98.84 with the immediate resistance at 99.73 (high Jan.6) ahead of 100.00 (psychological level) and then 100.60 (2015 high Dec.3). On the other hand, a breakdown of 98.01 (38.2% Fibo of 93.82-100.60) would open the door to 97.31 (100-day sma) and finally 95.98 (5-month uptrend).
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