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US Dollar off highs, back to 95.60

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback, in terms of the US Dollar Index, keeps gathering traction today, now consolidating the recent break above the 95.00 handle.

    US Dollar up on risk aversion

    USD has been advancing since last Friday’s multi-month lows in the mid-94.00s, regaining the 95.00 mark albeit struggling to advance beyond today’s tops in the 95.70/75 band.

    The demand for the greenback has been sustained further today following the blasts in Brussels, tilting the market sentiment towards the risk aversion.

    Data wise in the US, Markit’s advanced manufacturing PMI has come in short of expectations for the current month, albeit slightly better than January’s reading. Next on tap will be he weekly report on crude stockpiles by the API and the speech by Chicago Fed’s C.Evans.

    US Dollar relevant levels

    The index is up 0.18% at 95.58 and a breakout of 95.87 (23.6% of 99.95-94.61) would target 96.69 (20-day sma) and then 97.12 (200-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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