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US Dollar off highs, back near 95.20

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The US Dollar Index, which tracks the greenback vs. its main competitors, has surpassed the 95.00 barrier although failed to advance beyond 95.50 so far.

    US Dollar bounces off 94.50

    USD is prolonging its bounce off last week’s multi-month lows in the mid-94.00s, advancing for the second session in a row amidst a generalized softer tone in the risk-associated space and in spite of the persistent advance in crude oil prices.

    Data wise in the US economy, nothing worth mentioning, as both Existing Home Sales and the Chicago Fed National Activity index have come in short of consensus. Later in the session, market participants will closely follow the speech by Atlanta Fed President D.Lockhart, looking for hints on the potential next step by the Fed.

    US Dollar relevant levels

    The index is up 0.17% at 95.23 and a breakout of 95.57 (low post-FOMC Mar.16) would expose 95.87 (23.6% of 99.95-94.61) and then 96.78 (20-day sma). On the other hand, the immediate support aligns at 94.61 (2016 low Mar.18) ahead of 94.19 (monthly low Sep.18 2015) and finally 93.83 (monthly low Oct.15 2015).
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