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US Dollar sinks towards 94.30

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The selling interest is now accelerating around the greenback on Wednesday, dragging the US Dollar Index to session lows in the 94.30 area.

    US Dollar much weaker on US data

    Poor results from US Retail Sales during September has exacerbated the offered tone in the US dollar, collaborating at the same time with the dovish tone seen in several Fed members and casting a mantle of doubts over the likeliness of Fed’s lift-off in December.

    Ahead in the day, the Fed’s Beige Book will be in the limelight although its ability to drive the sentiment around USD is highly unlikely.

    US Dollar significant levels

    As of writing the US Dollar Index is losing 0.55% at 94.28 facing the next support at 94.06 (low Sep.24) followed by 92.59 (low post-PBoC move Aug.24) and finally 90.00 (psychological level). On the upside, a break above 95.46 (Fibo 50% of 98.40-92.52) would open the door to 96.05 (200-day sma) and then 96.34 (downtrend from August tops).
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