US Dollar Price Outlook:
US Dollar Continues Support Bounce
So far this week the US Dollar[1] has continued to bounce after last week’s revisit to the October lows. While there’s been a bit of help from counterparts out of Australia and Europe, the US currency hasn’t had much for drivers yet this week. That changes this morning at 10 AM with the release of non-manufacturing ISM data. This was a key driver last month when the print came-out inside of expectations[2], adding to the worry created by continued languish in the manufacturing portion of ISM. The most recent iteration of manufacturing ISM numbers were released last Friday just an hour-and-a-half after NFP’s and, once again, the print came-out inside of expectations, bringing bears back into the mix in a theme that largely held until last week’s close.
But so far this week the USD[3] has continued to push-higher towards a batch of resistance that held the highs through a couple of different scenarios last week, including the Wednesday FOMC[4] rate decision. Can the USD continue to push up for another test of this key zone? Or will this morning’s services ISM read help to bring back the bears along with the potential for fresh two-month-lows?
US Dollar Four-Hour Price Chart
Chart prepared by James Stanley[5]; US Dollar on Tradingview[6]
USD/CHF Bounces in Range After Hold at .9850
I had looked at this one in last Thursday’s webinar[7] and again in FX setups for this week[8]; but the range in USD/CHF[9] has held for almost a couple of months at this point with a fairly consistent streak of support showing around the .9850
