Analysis of the American session
Thursday’s trading closed with a moderate decline in the US dollar against a basket of competitors, despite a noticeable increase in the American dollar at the end of the day. The reason for the strengthening of the US dollar against a basket of competitors was the positive data on ADP nonfarm employmetn change and the index of business activity in the non-manufacturing sector. They supported the American and slowed his three-day decline.
As a result, the US dollar index formed a rebound from the support level of 98.10-20 and proceeded to the formation of lateral dynamics, indicating the expectation of the US employment data, on which the further dynamics of the American dollar will depend. Resistance levels: 98.50 and 98.70, support: 98.20 and 98.00.
Fig. The US dollar index chart. Current price – 98.30 (10-year US government bonds yield – blue line)
Read also: “Multifactorial Analysis of the Forex Market”
Andre Green
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