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US Dollar weaker, drops below 94.00

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The selling pressure around the greenback is not giving up today, now dragging the US Dollar Index below the 94.00 support.

    US Dollar in 8-month lows

    The index has taken out October 2015 low at 93.83 and dropped near 93.70, printing fresh multi-month lows, albeit regaining some pips soon afterwards.

    The bearish prospect for the US dollar, at least in the near-term, remains unchanged while market participants continue to adjust to the recently more dovish stance exposed by the Fed.

    US Dollar relevant levels

    The index is down 0.44% at 93.82 and a breakdown of 93.00 (psychological level) would expose 92.52 (monthly low Aug.24 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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