Dollar Index stays firmly in red ahead of US data

Slobodan Drvenica Windsor Brokers

US DOLLAR INDEX

The greenback remains under strong pressure against its major counterparts and extends steep descend into fifth straight day.
Bears broke below strong double-Fibonacci support at $93.50 zone, reinforced by 100SMA today, signaling further extension of the bear-leg from $95.05 (07 Nov high). Close below $93.50 pivots is needed to confirm and open way for extension towards $92.96 (daily cloud top).
US CPI and retail sales data are in focus for fresh signals with weak numbers today expected to increase pressure on dollar.
Broken Kijun-sen ($93.81) is expected to ideally limit upside attempts.

Res: 93.50; 93.81; 94.20; 94.43
Sup: 93.34; 92.96; 92.53; 91.93

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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