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Dollar Index Testing Resistance

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USD Index 4H Chart

UsDollarH4 12 Aug 2021.png

USD Index Daily Chart 

UsDollarDaily 12 Aug 2021.png

The US Jobless Claims declined slightly to 375K inline with the market estimates, while the PPI data showed an acceleration, including PPI and Core PPI on MoM and YoY basis, sending the US Dollar index higher once again to retest its 93.0 solid resistance area. The technical indicators remain bullish bit the momentum is easing, which may lead to another leg lower before the upside trend resumes. Any downside retracement is likely to remain limited between 92.30 and or 92.0 where we will be interested to investigate a new long position.

S3 S2 S1 Pivot R1 R2 R3
92.19 92.58 92.75 92.97 93.14 93.36 93.75

Nour Eldeen Al-Hammoury

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