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US Dollar weaker, deflates to 99.40

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The US Dollar Index, which gauges the greenback vs. its main competitors, is surrendering part of the recent upside and returning to the 99.40/35 band.

    US Dollar holding on above 99.00

    In spite of today’s softer tone, the index is managing to keep the trade above the 99.00 mark, coming down from last week’s peaks near 100.00 the figure in response to Draghi’s unexpected dovish tone at his press conference post-ECB meeting.

    The only release of note in the US docket today was January’s Dallas Fed manufacturing index, coming in below estimates at –34.6 vs. -15.0 forecasted and December’s -21.6.

    US Dollar significant levels

    As of writing the US Dollar Index is losing 0.22% at 99.41 facing the immediate support at 98.99 (20-day sma) followed by 98.75 (1-month uptrend) and finally 98.01 (38.2% Fibo of 93.82-100.60). On the other hand, a break above 99.88 (high Jan.21) would aim for 100.00 (psychological level) and then 100.60 (2015 high Dec.3).
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