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US Dollar in daily highs near 97.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The US Dollar Index, which gauges the greenback vs. its main rivals, is trading ona firmer note today, clinching highs in the mid-97.00s so far.

    US Dollar bounces off 96.90

    The index has managed to revert the deep pullback to multi-day troughs in the 96.90 area on Tuesday, regaining the 97.00 handle and above following a resurgence of the buying interest in USD ahead of the key FOMC meeting due next week.

    Quite a light docket in the US economy is leaving the dollar exposed to the broader risk appetite trends this week, with tomorrow’s Initial Claims as the main event.

    US Dollar relevant levels

    The index is up 0.40% at 97.55 facing the next hurdle at 98.85 (76.4% Fibo of 99.95-95.28) followed by 99.75 (high Jan.6) and finally 99.95 (high Jan.21). On the other hand, a breach of 97.11 (200-day sma) would target 96.89 (low Mar.8) en route to 96.38 (23.6% Fibo of 99.95-95.28).
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