23 Mar 2015
DXY supported at 97.00
FXStreet (Edinburgh) - The US Dollar Index, which gauges the greenback against a basket of its major rivals, seems to have found decent support around the 97.00 mark so far.
DXY down from 98.20
After a promising start, the index climbed as high as the 98.20 area overnight, although the upside soon run out of steam and triggered the ongoing decline. The continuation of the sentiment towards the risk appetite kept punishing the dollar, albeit sellers failed to breach the 97.00 support.
In the data front, the US docket today did not help the index either, with the Chicago Fed National Activity Index dropping to -0.11 during February and Existing Home Sales missing forecasts at 4.88 million in February.
DXY levels to consider
The index is now losing 0.74% at 97.18 and a break below 97.00 (psychological level) 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 down from 98.20
After a promising start, the index climbed as high as the 98.20 area overnight, although the upside soon run out of steam and triggered the ongoing decline. The continuation of the sentiment towards the risk appetite kept punishing the dollar, albeit sellers failed to breach the 97.00 support.
In the data front, the US docket today did not help the index either, with the Chicago Fed National Activity Index dropping to -0.11 during February and Existing Home Sales missing forecasts at 4.88 million in February.
DXY levels to consider
The index is now losing 0.74% at 97.18 and a break below 97.00 (psychological level) 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).