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17 Jun 2013
US Dollar Index pierced 81.00
FXstreet.com (Barcelona) - The greenback, measured by the US Dollar Index, is partially recovering last week’s pullback and finally managing to overcome the key resistance at 81.00.
Undoubtedly, the most relevant event for the USD during this week will be the FOMC meeting on Wednesday, as market participants will be scrutinizing Bernanke’s comments in search for any hints regarding the ‘bond purchasing programme and the timing of the Fed’s gradual exit from the ongoing QE. “We favour the US Dollar to bottom soon after the Fed Rate Decision, similar to how the much-ballyhooed QE3 announcement on September 13, 2013 produced the US Dollar bottom the following day”, noted Christopher Vecchio, Currency Analyst at DailyFX.
As of writing, the index is up 0.17% at 81.03 with the next resistance at 81.30 and 81.60; support levels are located at 80.50, 80.20 and finally 80.00.
Undoubtedly, the most relevant event for the USD during this week will be the FOMC meeting on Wednesday, as market participants will be scrutinizing Bernanke’s comments in search for any hints regarding the ‘bond purchasing programme and the timing of the Fed’s gradual exit from the ongoing QE. “We favour the US Dollar to bottom soon after the Fed Rate Decision, similar to how the much-ballyhooed QE3 announcement on September 13, 2013 produced the US Dollar bottom the following day”, noted Christopher Vecchio, Currency Analyst at DailyFX.
As of writing, the index is up 0.17% at 81.03 with the next resistance at 81.30 and 81.60; support levels are located at 80.50, 80.20 and finally 80.00.