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US Dollar surrenders gains, near 94.10 ahead of Fed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback, tracked by the US Dollar Index, has faded the earlier bullish attempt towards the 94.30/35, returning the 94.10 area.

    US Dollar now looks to Fed

    The index keeps the trade in the area of yearly lows in the vicinity of the 94.00 handle today, extending the pullback for the third consecutive week against the backdrop of a generalized selling interest surrounding USD.

    Absent releases in the US calendar today, the bulk of the attention will be on the unexpected Fed closed meeting in order to discuss Fed fund rates, leaving the greenback in the centre of the debate later in the NA session.

    US Dollar relevant levels

    The index is down 0.12% at 94.12 and a breakdown of 94.01 (2016 low Apr.11) would expose 93.83 (monthly low Oct.15 2015). On the other hand, the next hurdle lines up at 95.19 (20-day sma) followed by 96.42 (high Mar.28) and finally 96.60 (55-day sma).
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