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US Dollar well supported around 99.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback, gauged by the US Dollar Index, is trading on a negative footing vs. its main rivals on Wednesday, currently navigating just above the 99.00 mark.

    US Dollar capped by 99.50

    The greenback has been rallying after the solid print of October’s Payrolls in the US economy has boosted expectations of a Fed’s lift-off in the next month, although the bullish momentum seems to have stalled around the mid-99.00s so far.

    Today’s softer tone around USD is helping the risk-associated assets recover some recently lost ground, all amidst the inactivity in US markets in response to the Veterans Day holiday.

    US Dollar significant levels

    As of writing the US Dollar Index is losing 0.23% at 99.04 and a break below 96.51 (low Oct.28) would target 96.37 (200-day sma) and then 94.54 (2-month uptrend). On the other hand, the initial hurdle lines up at 99.50 (high Nov.10) followed by 100.00 (psychological level) and finally 100.38 (2015 high Mar.13).
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