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USD Graphic Rewind: Dollar Index Losing Grip on Near-Term Support at 9600

USD Graphic Rewind: Dollar Index Losing Grip on Near-Term Support at 9600

2011-05-27 06:58:00
Jonathan Granby,
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USD_Graphic_Rewind_body_DXY5.png, USD Graphic Rewind: Dollar Index Losing Grip on Near-Term Support at 9600

Created using Bloomberg, Dow Jones FXCM Dollar Index

The dollar index lost yet more ground on Thursday despite comments from EU Juncker suggesting that the IMF would not be willing at this point to hand over the next tranche of aid to Greece. The USD was weighed down a little due to US fundamentals which had disappointed early in the day with a disappointing unchanged reading for US GDP amid broad expectations of an upward revision and another climb in weekly jobless claims. The real moves though have been seen over-night, unusually, as equities, commodities have rallied higher leaving the buck bruised. The index slipped through short-term support at 9600 and a close below this level could open the downside.

USD_Graphic_Rewind_body_dxy.png, USD Graphic Rewind: Dollar Index Losing Grip on Near-Term Support at 9600

The 9600 level marks the recent lows and daily close lows of the most recent batch of consolidation before the last move higher several days ago. While trade remains classed as consolidation above this level, and below 1.4300 in Eur/Usd a break below (and above respectively) of these levels could force a shift in structure and outlook. One thing to be wary of is the US holiday weekend which will likely see liquidity dry up very soon and keep US traders away on Monday, as such any moves between now and Tuesday should be taken with a hefty grain of salt since they can be undone in no time when liquidity returns to full flow on Tuesday.

Written by Jonathan Granby, DailyFX Research Team

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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