We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • RT @ClevelandFed: #LorettaMester: My current view is that monetary policy is well-calibrated to support our dual mandate goals, and a patie…
  • RT @PowerLunch: Restrictions in China are still tight as the country faces the Coronavirus. @onlyyoontv tells us more about authorities co…
  • Well, that was not a very encouraging day for capital markets. Remember, flat is also an option in the markets
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.02% US 500: 0.01% Germany 30: -0.45% France 40: -0.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/JkDZ0UQlwb
  • Gold prices have remained bid for much of the past two weeks, and of recent, as that risk aversion theme has further priced-in to global markets. Get your $XAUUSD technical analysis from @JStanleyFX here: https://t.co/ylBpk8vHvX https://t.co/mRbft4222q
  • #Crypto update: $BTC -2.9% $BCH -6.3% $LTC -5.5% $XRP -4.9% $ETH -3.2%
  • US Recession Watch: Recession Odds Rekindled as Coronavirus Festers -via @DailyFX https://www.dailyfx.com/forex/fundamental/article/special_report/2020/02/24/us-recession-watch-recession-odds-rekindled-as-coronavirus-festers.html
  • $USDMXN just notched its highest reading since December 11 following a 3.5% surge in the US Dollar relative to the Mexican Peso over the last four trading sessions. Get your market update from @RichDvorakFX here: https://t.co/POi477sNJD https://t.co/ROlw5QKQhq
  • Fed's Mester says US monetary policy is well calibrated, does not support a rate cut at this time $DXY
  • The price... the price is always right. Sometimes the changes just seem to come from outta nowhere https://t.co/myouqWeEKb https://t.co/D8uuvP5VH0
Dollar Index Just Below Key Medium-Term Resistance; Break Looks Imminent

Dollar Index Just Below Key Medium-Term Resistance; Break Looks Imminent

2011-09-08 07:54:00
Jonathan Granby,
Share:
Dollar_Index_Just_Below_Key_Medium-Term_Resistance_Break_Looks_Imminent_body_9.png, Dollar Index Just Below Key Medium-Term Resistance; Break Looks Imminent

As the Dow Jones FXCM Dollar Index (ticker: USDollar) consolidates its recent run higher in the 9,550-9,650 region we believe that price action in the next few sessions will be decisive in seeing if the index can make a run toward range highs at 9,770. We have identified a medium-term trend line coming off highs back in February which the index is trading just below, a break and close above this resistance could help inspire the topside break we have been forecasting in recent days.

While some consolidation is to be expected after the index’s sharp run higher which has shifted back to the topside we believe that with Greece, and the EMU, coming under increasing pressure to stablise their economies the buck is well positioned to benefit. We pontificated in recent comments about how the greenback also stands to benefit from the effective neutering of the Swiss franc and Japanese yen by their respective central banks as safe haven plays which leaves on the US Dollar and gold as viable safe haven plays. We are really getting behind the idea of a topside break sometime soon and a sustained topside move back toward 10,000 as we head into Q3. We must note the only thing on the radar at present that could negate, or at least challenge, this outlook is talk of QE3 which could serve to devalue the buck as the Fed starts the printing presses again.

Written by Jonathan Granby, DailyFX Research Team

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

DISCLOSURES

News & Analysis at your fingertips.