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US Dollar retreats from highs, near 99.40

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback, tracked by the US Dollar Index, remains on a firmer note vs. its main rivals today, looking to consolidate the break above the 99.00 mark.

    US Dollar in 6-week highs

    The greenback is advancing for the third consecutive week so far, trading in levels last seen in late November in the 99.40/50 band. The greenback has gained extra legs after the disappointing results in the Chinese economy earlier in the day, extending the bullish momentum into the European session.

    In addition, a dovish tone from today’s speech by BoE Governor M.Carney has given further strength to the dollar’s upside, managing to keep the trade close to session highs.

    In the meantime, US markets will re-open after yesterday’s MLK holiday, with the NAHB index and TIC Flows due for release.

    US Dollar significant levels

    As of writing the US Dollar Index is up 0.20% at 99.33 with the next hurdle at 99.73 (high Jan.6) followed by 100.00 (psychological level) and then 100.60 (2015 high Dec.3). On the other hand, a breach of 98.14 (low Jan.8) would open the door to 97.52 (100-day sma) and finally 97.21 (50% Fibo of 93.82-100.60).
    For more information, read our latest forex news.
     

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