FXStreet (Edinburgh) – The greenback, in terms of the USD Index, has reverted the initial positive tone and is now testing lows in the 97.30 area.
USD Index capped by 98.00
The upbeat momentum in the US dollar seems insufficient to break above the 98.00 handle on a more sustainable basis so far. Once again, USD was rejected around 98.15, triggering the current leg lower, which seems to have found support in the 97.30/25 band.
Absent releases in the US economy today, USD-sellers have stepped in and prompted the index to give away part of the recent rally. The US docket is more appealing tomorrow, with Existing Home Sales and Thursday’s Initial Claims.
USD Index relevant levels
As of writing the index is down 0.60% at 97.43 with the immediate support at 95.08 (low Jun.26) ahead of 94.86 (low Jun.30) and finally 94.72 (low Jun.29). On the flip side, a surpass of 98.46 (high Apr.21) would open the door to 99.36 (high Apr.15) and then 99.70 (high Apr.14).
(Market News Provided by FXstreet)