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25 Mar 2013
Forex: US Dollar Index up around 83.00
FXstreet.com (Barcelona) - The US Dollar Index, which tracks the greenback against its major competitors, is posting strong gains at the beginning of the week, as the situation in Cyprus continues to be in centre stage after the overnight deal.
“The Dollar Index actually peaked on March 14, days before Cyprus erupted, and recovered but not enough to make a new high last week. Just before the weekend, it briefly dipped below the 20-day average for the first time since early February. Initial support is seen near 82.00, but if our reading of the technical condition is correct, there is potential toward 81.50 and maybe even 81.00, if the correction gains momentum”, commented Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman.
The index is now up 0.82% at 83.07 and according to tradingcentral.com, the next resistance levels line up at 83.15 and 83.35; while support levels align at 82.15, 81.95 and 81.75
“The Dollar Index actually peaked on March 14, days before Cyprus erupted, and recovered but not enough to make a new high last week. Just before the weekend, it briefly dipped below the 20-day average for the first time since early February. Initial support is seen near 82.00, but if our reading of the technical condition is correct, there is potential toward 81.50 and maybe even 81.00, if the correction gains momentum”, commented Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman.
The index is now up 0.82% at 83.07 and according to tradingcentral.com, the next resistance levels line up at 83.15 and 83.35; while support levels align at 82.15, 81.95 and 81.75