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US Dollar retreats to lows in sub-99.00 levels

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The selling pressure remains well and sound around the dollar, now sending the US Dollar index to test session lows in the 98.85/80 band.

    US Dollar down from 99.90

    The greenback could not sustain last Friday’s advance to the proximity of the psychological handle at 100.00 vs. its rivals, sparking a correction lower as sentiment, crude oil prices and US Treasuries are all weighing on the index.

    On the US data front, Business Optimism index gauged by IBD/TIPP has come in at 47.8, matching initial estimates. Next on tap will be the speech by FOMC member E.Geroge followed by the API’s weekly report on crude oil stocks.

    US Dollar significant levels

    As of writing the US Dollar Index is losing 0.18% at 98.88 and a breakdown of 98.45 (low Jan.28) would aim for 98.01 (38.2% Fibo of 93.82-100.60) and then 97.87 (100-day sma). On the other hand, the next hurdle lines up at 99.88 (high Jan.29) followed by 100.00 (psychological level) and then 100.60 (2015 high Dec.3).
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