US Dollar probing session lows near 97.15

Pablo Piovano FXStreet

The greenback, in terms of the US Dollar Index, is trading on the defensive on Tuesday although still manages to keep business above the 97.00 handle.

US Dollar attention to Fedspeak

USD has eased some ground after yesterday’s tops in the 97.30/35 band, trading in tandem with US yields, as the 10-year reference is now receding from Monday’s test of the boundaries of the key level at 2.20%.

Earlier in the session Chicago Fed C.Evans (voter, centrist) hinted at the fact that the Fed could wait until December to hike again, in order to gain time to assess data.

Once again, empty US docket should leave the attention to speeches by Boston Fed E.Rosengren (2019 voter, hawkish), Vice Chiar S.Fischer (permanent voter, centrist) and Dallas Fed R.Kaplan (voter, hawkish).

US Dollar relevant levels

The index is losing 0.08% at 97.15 and 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). On the other hand, the next up barrier emerges 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).

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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