US Dollar drops further towards 95.60
FXStreet (Edinburgh) – The US Dollar Index, which tracks the greenback vs. its main rivals, is accelerating its daily decline today, currently testing the bottom of the range near 95.50.
US Dollar surrenders previous gains
The greenback is giving away part of the recent solid gains following the strong rebound from last Friday’s troughs, coming down from recent peaks in the 96.50/60 band.
In the data space, mixed results from the US calendar today have at least paused the downside, with New Home Sales and Initial Claims coming in above expectations. On the not so bright side, the Chicago Fed National Activity Index and Durable Goods Orders have disappointed investors.
The dollar will remain under pressure however, as Fed’s Head J.Yellen is due to speak later in the NA session.
US Dollar levels to consider
At the moment the index is losing 0.37% at 95.71 with the immediate support at 94.06 (low Sep.18) ahead of 93.72 (low Aug.26) and finally 93.25 (low Aug.25). On the flip side, a break above 96.53 (high Sep.4) would target 97.07 (high Aug.19) en route to 97.33 (high Aug.12).
The US Dollar Index, which tracks the greenback vs. its main rivals, is accelerating its daily decline today, currently testing the bottom of the range near 95.50…
(Market News Provided by FXstreet)