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US Dollar regains some colour above 99.00, FOMC eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 27, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback, measured by the US Dollar Index, has retaken the 99.00 handle after a brief test of the 98.70 area.

    US Dollar clings to 99.00 pre-FOMC

    A sudden bout of weakness has dragged the index to the 98.75/70 band earlier in the session, although USD has managed to recover buying interest and regain the 99.00 handle and beyond, all propped up by auspicious results from the US housing sector and higher yields in US Treasuries.

    USD will take centre stage ahead in the day, as the FOMC meeting is expected to deliver a cautious tone in its statement, where crude oil prices and developments overseas are said to have weighed on the Committee’s views.

    US Dollar significant levels

    As of writing the US Dollar Index is up 0.06% at 99.13 and a break above 99.88 (high Jan.21) would aim for 100.00 (psychological level) and then 100.60 (2015 high Dec.3). On the flip side, the next support aligns at 98.01 (38.2% Fibo of 93.82-100.60) followed by 97.68 (100-day sma) and finally 96.42 (5-month uptrend).

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