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US Dollar well supported around 99.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The greenback, in terms of the US Dollar Index, is trading on the defensive at the beginning of the week, currently gyrating around the 99.10 area.

    US Dollar rejected from 99.50

    The index is coming down after testing the mid-99.00s in the wake of the US Non-farm Payrolls last Friday, levels last traded in April. The dollar continues to derive support from rising expectations of a Fed’s lift-off in the next month and a solid performance of US Treasuries.

    Data wise in the US calendar, the Fed’s Labor Market Conditions Index (LMCI) has come in on the stronger side, up to 1.6 vs. 0.9 expected and 1.3 previous.

    US Dollar significant levels

    As of writing the US Dollar Index is losing 0.15% at 99.16 facing the next support at 96.51 (low Oct.28) ahead of 96.35 (200-day sma) and then 96.14 (55-day sma). On the other hand, a breakout of 99.47 (post-NFP high Nov.6) would aim for 100.00 (psychological level) ahead of 100.38 (2015 high Mar.13).
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