US Dollar off highs, near 97.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 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 posting strong gains beyond the 97.00 handle today, although the upside appears capped near 97.60.

    US Dollar stronger on sentiment, mixed data

    USD is trading on a firmer footing vs. its main rivals at the beginning of the week, extending the recovery to 3-week tops sparked after Friday’s solid print from January’s Retail Sales. The offered tone around EUR and GBP plus increasing outflows from the safe haven JPY and CHF has given extra oxygen to the dollar’s rally on Monday, looking to consolidate the recent break above the 97.00 limestone.

    In the data space, mixed results from the Chicago National Activity Index and Markit’s flash manufacturing PMI have not dented the upbeat mood around USD, while Existing Home Sales and Consumer Confidence will be in the limelight tomorrow.

    US Dollar levels to watch

    The index is up 0.89% at 97.48 facing the next hurdle at 97.89 (100-day sma) ahead of 98.06 (55-day sma) and then 98.85 (76.4% Fibo of 99.95-95.28). On the other hand, a breach of 96.38 (23.6% Fibo of 99.95-95.28) would target 94.19 (low Sep.18 2015) en route to 93.86 (low Oct.14).
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