US Dollar Keeps Gains Near 95.70

US Dollar Keeps Gains Near 95.70

30 May 2016, 15:41
Roberto Jacobs
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US Dollar Keeps Gains Near 95.70

The greenback, tracked by the US Dollar Index, has lost its earlier upside momentum and has returned to the 95.70 area.

US Dollar capped around 96.00

After a brief test of fresh multi-week tops in the vicinity of the 96.00 handle during overnight trade, the index retreated to current levels, where it is now looking to stabilize amidst thin trade conditions due to the Memorial Day holiday in US.

Comments by Chair J.Yellen last Friday have added to those made by her FOMC peers in previous weeks, leaving the door open to a rate hike at the June/July meeting and thus bolstering further the demand for the US dollar.

US Dollar relevant levels

The index is gaining 0.20% at 95.71 and a break above 95.97 (high May 30) would target 96.10 (100-day sma) en route to 96.42 (high Mar.28). On the flip side, the next support aligns at 95.11 (low May 23) followed by 94.72 (55-day sma) and then 94.60 (20-day sma).


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