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US Dollar turns negative near 97.40

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The US Dollar Index, which gauges the greenback vs. a basket of its main rivals, is snapping a 2-day positive streak in response to poor prints from the US docket.

    US Dollar upside capped near 98.00

    The persistent buying mood has been sustaining the dollar’s upside today, although the bull run has been rejected in the boundaries of the 98.00 handle, prompting the index to revert the course and trade in red figures.

    Poor data in the US calendar saw Markit’s flash Services PMI losing the grip to 49.8 for the current month, breaking below the critical 50.0 threshold. New Home Sales followed suit, down to 494K during January, or contracting 9.2%, both prints coming in short of expectations.

    Next on tap will be the speeches by Fed’s Kaplan (non voter) followed by Bullard (voter).

    US Dollar relevant levels

    The index is losing 0.02% at 97.44 facing the immediate support at 96.38 (23.6% Fibo of 99.95-95.28) followed by 94.19 (low Sep.18 2015) and then 93.86 (low Oct.14). On the flip side, a break above 98.06 (55-day sma) would aim for 98.16 (61.8% Fibo of 99.95-95.28) and finally 98.85 (76.4% Fibo of 99.95-95.28).
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