US Dollar off lows, back near 97.60

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 11, 2015.

  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 bouncing off session lows and returning to the 95.65/70 band.

    US Dollar upside capped at 98.00

    Choppy week for USD, extending further its negative momentum after being rejected from cycle highs in the 100.60 area in late November, although finding some decent support in the mid-97.00s.

    Expectations of a Fed’s lift-off next week seem to have deflated somewhat throughout the week, weighing on USD-sentiment and US Treasuries.

    Data wise today, Retail Sales have expanded 0.2% vs. 0.3% expected, while the Reuters/Michigan index has come in above expectations for the current month at 91.8.

    US Dollar significant levels

    As of writing the US Dollar Index is down 0.30% at 97.62 with the next support at 97.51 (low Dec.9) followed by 96.77 (200-day sma) and finally 95.30 (4-month uptrend). On the other hand, a breakout of 99.00 (23.6% Fibo of 93.83-100.60) would aim for 100.00 (psychological handle) and finally 100.60 (high Dec.3).
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