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23 Sep 2013
DXY opens lower but off last week’s lows at 80.06 as it works off oversold condition
FXstreet.com (Barcelona) - If the FOMC in the US has their way, the DXY will remain under pressure as rates are artificially held down. Technicians’ reads on the DXY chart are synching well with the Fed’s wishes.
DXY will be moved around by data and Washington news this week
The DXY opened the week slightly lower this week but is still hovering ever dangerously above last week’s low of 80.06. The greenback will be reacting to a ton of data this week including Monday’s schedule of: Manufacturing PMIs in the EU, Germany and the US; US Chicago Fed Survey; ECB President Draghi speech; and, the Fed’s Lockhart and Dudley speaking as well.
Technical outlook for DXY
Technicians say the DXY is now in full-on bear mode and that rallies are to be sold. That being noted, the first possible resistance for the greenback comes in at 81 and is backed up by more overhead at the 9/17 peak of 81.35. Short-term support comes in at Wednesday’s low of 80.06. The longer-term downside target for DXY is 79 – with 77.96 below that.
DXY will be moved around by data and Washington news this week
The DXY opened the week slightly lower this week but is still hovering ever dangerously above last week’s low of 80.06. The greenback will be reacting to a ton of data this week including Monday’s schedule of: Manufacturing PMIs in the EU, Germany and the US; US Chicago Fed Survey; ECB President Draghi speech; and, the Fed’s Lockhart and Dudley speaking as well.
Technical outlook for DXY
Technicians say the DXY is now in full-on bear mode and that rallies are to be sold. That being noted, the first possible resistance for the greenback comes in at 81 and is backed up by more overhead at the 9/17 peak of 81.35. Short-term support comes in at Wednesday’s low of 80.06. The longer-term downside target for DXY is 79 – with 77.96 below that.