US Dollar Slumps to Lows Near 94.00
Another day, another drop in the US Dollar Index, now hovering over multi-day lows in the 94.00 neighbourhood.
US Dollar weaker after US releases
The
index is losing ground for the third consecutive session today,
challenging the critical support at 94.00 and extending the leg lower
from last week’s tops just above the 95.00 mark.
Disappointing
results from the US housing sector during March have added further
downside pressure to USD, which has been already punished by the
resurgence of the risk appetite sentiment since early trade.
US Dollar relevant levels
The
index is down 0.35% at 94.16 with the next support at 93.62 (2016 low
Apr.12) ahead of 93.16 (monthly low May.15 2015) and finally 92.52
(monthly low Aug.24 2015). On the other hand, a breakout of 95.21 (high
Apr.14) would aim for 95.51 (38.2% Fibo of 98.59-93.62) and then 96.18
(55-day sma).
