US Dollar flat around 97.20

Pablo Piovano FXStreet

The US Dollar Index (DXY), which measures the buck vs. a basket of its main rivals, is trading in a tight range on Thursday, currently flat for the day in the 97.20 area.

US Dollar on its way to close the week with gains

Choppy week for the index so far, advancing during the first half of the week and correcting lower afterwards. Despite the ongoing correction, DXY so far manages well to keep business above the key 97.00 handle.

The buck is fading part of the advance seen earlier in the week following an improvement in the risk-on sentiment, particularly following today’s moderate recovery in crude oil prices after the recent sharp sell off.

In the data space, US leading indicators rose in line with expectations at a monthly 0.3% in May, while initial claims rose by 241K WoW in the week ended on June 17.

US Dollar relevant levels

The index is up 0.01% at 97.23 facing the next resistance at 97.56 (high Jun.15) followed by 97.63 (38.2% Fibo of the May-June drop) and then 98.04 (50% Fibo of the May-June drop). On the flip side, a breach of 96.31 (2017 low Jun.14) would target 95.91 (low Nov.9 2016) and finally 94.95 (low Sep.22 2016).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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