Dollar Index Retraced after Testing the Significant Resistance at 96.00
September 19, 2016 10:28 am
The US CPI figures released last Friday were better-than-expected. The dollar index surged, broke three resistance levels at 95.40, 95.60 and 95.80 respectively. It retraced after testing the significant resistance level at 96.00, as the selling pressure above 96.00 is heavy. The current price holds above the newly formed support level at 95.80, testing the uptrend line support. The 4 hourly Stochastic Oscillator is crossing over from above, also the daily Stochastic Oscillator is above 70, indicating a retracement. The resistance level is at 96.00, followed by 96.23 and 96.50. The support line is at 95.80, 95.60 and 95.40. The US CPI figures weighed on GBPUSD last Friday, broke the uptrend line support with a long bearish candle, rebounded after testing the significant support level at 1.3000. The selling pressure above 1.3050 is heavy. It is still trading above the downside uptrend line support at 1.2925. The 4 hourly and daily Stochastic Oscillator are both at a low level, suggesting a rebound. The resistance level is at 1.3050, followed by 1.3100 and 1.3160. The support line is at 1.3000, followed by 1.2950, 1.2925 and 1.2900. USDCAD rallied last Friday, yet it retraced after testing the major resistance level at 1.3200, where the uptrend line resistance converges, indicating heavy selling pressure. In addition, the daily Stochastic Oscillator is around 80, suggesting a retracement. The resistance level is at 1.3200, followed by 1.3250 and 1.3300. The support line is at 1.3140, followed by 1.3100 and 1.3050. The US CPI figures weighed on silver spot last Friday, tested the downside uptrend line support and held. This morning the price rallied as the dollar retraced. It is currently testing the resistance level at 19.20. Yet the 4 hourly Stochastic Oscillator is around 80, CCI indicator is above 100, suggesting a retracement. The resistance is at 19.20, followed by 19.50 and 19.70. The support line is at 18.80, followed by 18.65 and 18.55. Source: FX Pro Market Snapshot
The US CPI figures released last Friday were better-than-expected. The dollar index surged, broke three resistance levels at 95.40, 95.60 and 95.80 respectively. It retraced after testing the significant resistance level at 96.00, as the selling pressure above 96.00 is heavy. The current price holds above the newly formed support level at 95.80, testing the uptrend line support. The 4 hourly Stochastic Oscillator is crossing over from above, also the daily Stochastic Oscillator is above 70, indicating a retracement. The resistance level is at 96.00, followed by 96.23 and 96.50. The support line is at 95.80, 95.60 and 95.40. The US CPI figures weighed on GBPUSD last Friday, broke the uptrend line support with a long bearish candle, rebounded after testing the significant support level at 1.3000. The selling pressure above 1.3050 is heavy. It is still trading above the downside uptrend line support at 1.2925. The 4 hourly and daily Stochastic Oscillator are both at a low level, suggesting a rebound. The resistance level is at 1.3050, followed by 1.3100 and 1.3160. The support line is at 1.3000, followed by 1.2950, 1.2925 and 1.2900. USDCAD rallied last Friday, yet it retraced after testing the major resistance level at 1.3200, where the uptrend line resistance converges, indicating heavy selling pressure. In addition, the daily Stochastic Oscillator is around 80, suggesting a retracement. The resistance level is at 1.3200, followed by 1.3250 and 1.3300. The support line is at 1.3140, followed by 1.3100 and 1.3050. The US CPI figures weighed on silver spot last Friday, tested the downside uptrend line support and held. This morning the price rallied as the dollar retraced. It is currently testing the resistance level at 19.20. Yet the 4 hourly Stochastic Oscillator is around 80, CCI indicator is above 100, suggesting a retracement. The resistance is at 19.20, followed by 19.50 and 19.70. The support line is at 18.80, followed by 18.65 and 18.55.
Source: FX Pro Market Snapshot
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