US Dollar finds support near 200-day sma
|The US Dollar Index – which tracks the buck vs. its main rivals – seems to have found some support around the mid-98.00s, where sits the key 200-day sma.
US Dollar offered after ‘Trumpcare’ fiasco
The index keeps its relentless slide unabated at the beginning of the week, as market participants continue to dump USD long positions after the House Republican failed to pass the American Health Care Act bill (‘Trumpcare’) on Friday.
USD opened Monday’s session with a significant gap lower and has been on the defensive ever since, tumbling to fresh 4-month lows and retracing further the November-January rally to 14-year tops around 103.80.
Nothing scheduled today in the US data space, while the speech by Chicago Fed C.Evans (voter, dovish) unlikely to curb the bearish mood around the buck.
USD stays also under pressure from the positioning front, as USD speculative net longs have retreated to 3-week lows on the week to March 21 as per the latest CFTC report.
US Dollar relevant levels
The index is losing 0.76% at 98.83 facing the next support at 98.56 (200-day sma) followed by 98.24 (10-month support line) and finally 96.94 (low Nov.4 2016). On the upside, a break above 99.81 (high Mar.24) would aim for 100.27 (high Mar.20) and then 100.74 (55-day sma).
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