20 Mar 2015
DXY supported at 98.00
FXStreet (Edinburgh) - The greenback, tracked by the US Dollar Index, is now bouncing off recent lows around the 98.00 mark.
DXY surrenders gains
The index quickly faded the spike to session highs just above the 99.00 handle during the European morning, remaining unable to extend the upside momentum further.
The resurgence of the sentiment towards the risk appetite following some Greek developments gave legs to the riskier assets in an otherwise calm session, prompting the greenback to trigger the current leg lower.
DXY levels to consider
The index is now losing 1.02% at 98.24 and a break below 97.91 (low Mar.9) would target 96.89 (low Mar.6) en route to 96.58 (low Mar.5). On the upside, the initial barrier lines up at 99.46 (high Mar.19) ahead of 99.79 (high Mar.18) followed by 99.83 (high Mar.17).
DXY surrenders gains
The index quickly faded the spike to session highs just above the 99.00 handle during the European morning, remaining unable to extend the upside momentum further.
The resurgence of the sentiment towards the risk appetite following some Greek developments gave legs to the riskier assets in an otherwise calm session, prompting the greenback to trigger the current leg lower.
DXY levels to consider
The index is now losing 1.02% at 98.24 and a break below 97.91 (low Mar.9) would target 96.89 (low Mar.6) en route to 96.58 (low Mar.5). On the upside, the initial barrier lines up at 99.46 (high Mar.19) ahead of 99.79 (high Mar.18) followed by 99.83 (high Mar.17).