Dollar Recovery Hopes Alive Again
|Despite lack of supportive fundamentals, clueless FOMC and unsupportive Trump stance, Dollar manages to bounce last night (near 38.2% retracement 99.27 of 91.92 (May 2016) low and 103.82 (Jan 2017) high) Just ahead of NON FARM PAYROLLS and indicate an ease in the down side pressure which was affecting US DOLLAR INDEX since last couple of week.
A little support from NFP, wages and unemployment rate can add further strength to dollar to recover toward 101.50-102.20 area before getting a clear picture ahead of other important fundamental events including Fed’s monetary report and Yellen’s semiannual congress testimony, budget proposal to congress by the new administration, first G20 summit and meeting since US Elections and President Trumps address on the Policy Proposals to the State of the Union.
Support: 99.60, 99.30, 98.80
Resistance: 100.40, 101.00, 101.50, 102.20
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