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US Dollar retreats from highs, back to 97.40

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    After a brief adventure to the 97.60 area, the US Dollar Index has now deflated to the 97.45/40 band following mixed US docket.

    US Dollar trims gains

    The index is advancing for the second session in a row so far, looking to consolidate the recent breakout of the 97.00 handle. However, mixed results from today’s releases in the US calendar seem to have hampered the upside.

    In fact, the S&P/Case-Shiller index has risen 5.7% on a year to December, a tad below expectations of a 5.8% gain, while Consumer Confidence and the Richmond Fed manufacturing gauge have both missed consensus as well. On the bright side, Existing Home Sales have increased by 5.47 million (+0.4%) from December to January, bettering prior surveys.

    US Dollar relevant levels

    The index is up 0.05% at 97.43 facing the next hurdle at 97.90 (100-day sma) ahead of 98.04 (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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