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Dollar Waits For Direction Clues

Dollar Waits For Direction Clues

US dollar managed to bounce from 50% retracement level (99.85) of the bullish move (95.89 – 103.82) started on US election day but the upside is capped at a minor resistance around 100.40. Comments from the U.S Treasury Secretary Nominee Steven Mnuchin added pressure and makes investors believe that the new US administration might not be interested in a strong dollar policy, as Mnuchin shows the concerns on the negative impact of stronger dollar on US economy in short term.

The technical picture of the US dollar looks uncertain as short term intraday charts indicate mixed signals. Dollar is struck in a range between 99.85 and 100.40 from past two sessions. A break on the downside is expected to remain limited as important support is at 99.40 which could offer a bounce again, while on the other side a break above 100.40 will lead dollar to test towards an important resistance 102.20-30 area.

Support: 99.85, 99.40Resistance: 100.40, 100.90, 101.80

DXY 60 Minute Chart

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