US Dollar weaker near 94.60, Yellen on focus

Pablo Piovano FXStreet

The US Dollar Index, which tracks the buck vs. its main rivals, is trading a tight range near 94.60 ahead of Yellen’s speech due later.

US Dollar attention to Yellen

The index is extending yesterday’s pullback, although the increasing cautious tone is prompting USD to trade in a very tight range in light of the upcoming speech by Chief Yellen and another estimate of the US Q2 GDP.

Further US data will see the final figures of the Consumer Sentiment gauged by the Reuters/Michigan index and July’s Goods Trade Balance.

US Dollar relevant levels

The index is losing 0.11% at 94.67 and a breach of 94.05 (low Aug.18) would aim for 93.03 (low Jun.23) and then 91.88 (2016 low May 3). On the upside, the next resistance lines up at 94.94 (high Aug.22) ahead of 95.22 (20-day sma) and finally 96.50 (high Aug.5).

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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