The US dollar was weakened by softer economic data. The Federal Reserve Bank of NY said that the general business conditions index came at 4.48 for the current month vs 12.51 in January. USD is volatile ahead of FOMC minutes. Traders are waiting for the monetary policy outlook. During this year, the US disappointed economic data weakened the greenback, it is trading at a 6-week low. At Asia’s trading session, the US dollar is trading at the level of 80.0.
In the hourly chart the US dollar is preparing some kind of base around the level of 79.95. At Monday’s trading session, USD took support at the level of 79.75 and again at yesterday’s trading session, the price took support at the level of 79.76. On the upper side, yesterday the price made a triple top in the hourly chart at the level of 80.23. It seems the price movement is strictly prohibited in a tight range either side for a clear move.
Support: 79.95, 79.7.
Resistance: 80.23, 80.51.
The material has been provided by InstaForex Company – www.instaforex.com
The US dollar was weakened by softer economic data. The Federal
Reserve Bank of NY said that the general business conditions index came at
4.48 for the current month vs 12.51 in January. USD is volatile ahead of FOMC minutes. Traders are waiting for the monetary policy outlook. During this year, the US disappointed economic
data weakened the greenback, it is
trading at a 6-week low. At Asia’s trading session, the US dollar is trading at
the level of 80.0.
In the hourly chart the US dollar is preparing some kind of base
around the level of 79.95. At Monday’s trading session, USD took support at
the level of 79.75 and again at yesterday’s trading session, the price took support at the level of 79.76. On the upper side, yesterday the price made a
triple top in the hourly chart at the level of 80.23. It seems the price movement
is strictly prohibited in a tight range either side for a clear move.
Support: 79.95, 79.7.
Resistance: 80.23, 80.51.
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