Analysis of the past day

On Tuesday, November 21, the US dollar index managed to break through resistance 93.900, which for the past four days was a significant level. The growth of optimism in the market and the strengthening of the US currency was caused by the growth of world stock indices. But, along with the growth of optimism, support was given to commodity assets and currencies, which also limited the growth of the American due to the decline in the US dollar in pairs with commodity currencies.

The breakthrough of the level 93.900-94.000 indicates the possibility of further growth of the dollar index against the main competitors, which confirms the formation of the figure “double bottom”. In the case of testing this signal, one should expect a test of resistance level 94.300-400, which will also confirm the expectations for the EUR/USD pair decline.

Hanzenko Anton