US Dollar Index clings to daily gains around 97.00

The index fades the initial spike to the 97.20 area.
Attention returns to US-China trade dispute.
The greenback finds support near 96.40.

Pablo Piovano FXStreet

The US Dollar Index (DXY), which tracks the buck vs. its main rivals, is now alternating gains with losses following a test of daily highs near 97.20.

US Dollar Index looks to risk trends

After a brief test of the 97.20 area during early trade, the index came under renewed selling pressure and is now orbiting around the key 97.00 handle.

The greenback remains volatile so far this week, finding support in the 96.40 region while gains remain limited around today’s peaks in the boundaries of 97.20. Some support for the Dollar re-emerged today after investors stay cautious on the recently announced 90-day truce between the US and China.

In the US data space, Services PMI are due later in the NA session followed by the Fed’s Beige Book.

US Dollar Index relevant levels

As of writing the index is up 0.05% at 97.01 and a break above 97.53 (high Nov.28) would open the door to 97.69 (2018 high Nov.12) and then 97.87 (61.8% Fibo retracement of the 2017-2018 drop). On the flip side, immediate contention emerges at 96.32 (low Nov.22) followed by 96.04 (low Nov.20) and finally 95.68 (low Nov.7).

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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