Analysis of the American Trading Session

The US session on Thursday closed with a general strengthening of the US dollar across the market, which was caused by weak statistics for the euro area and positive data for the United States. The main driver for such a rapid growth of the dollar was the technical correction of positions before a long weekend. As a result, it was the reason for such a rapid movement of the American dollar.

Over the course of the day, the US dollar index strengthened from the level of 97.00 to 97.50, showing one of the strongest movements of the daily growth in the last month. But it is worth noting the significant overbought of the American dollar after yesterday’s growth. Achieving resistance level of 97.50 indicates a correction, which, in turn, will be limited by reduced market activity in trading on Friday. As a result, we should expect the formation of a flat with support levels: 97.30-20, resistance 97.50-60.

Fig. The US dollar index chart. The current price is 97.40 (10-year government bonds yield is the blue line)

Read also: “Correction is an integral part of price movement in the market and one of the main assistants to a trader”

Andre Green

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