Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
James Hyerczyk
US Dollar Index

The U.S. Dollar is trading higher against a basket of major currencies early Wednesday as investors await the results of Tuesday’s U.S. elections.

Generally speaking, a victory by U.S. Democratic candidate Joe Biden would be bearish for the U.S. Dollar because he is expected to spend big on stimulus and take a freer approach to trade, boosting other major currencies at the greenback’s expense.

Know where the Market is headed? Take advantage now with 

75% of retail CFD investors lose money

Investors remained cautious, however, due to heightened uncertainty about the election outcome. A Trump win or contested results would be supportive for the U.S. Dollar.

At 02:03 GMT, December U.S. Dollar Index futures are trading 93.625, up 0.065 or +0.07%.

Daily December U.S. Dollar Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 94.315 will signal a resumption of the uptrend. A move through 94.795 will reaffirm the uptrend. The main trend will change to down on a move through 92.460.

The short-term range is 91.750 to 94.795. Its 50% level at 93.275 is potential support. On Tuesday, the selling stopped at 93.295.

The main range is 97.785 to 91.750. Its retracement zone at 94.770 to 95.480 is a major upside target and potential resistance area.


Daily Swing Chart Technical Forecast

The new minor range is 94.315 to 93.295. Its 50% level at 93.805 is likely to control the direction of the index on Wednesday.

Bullish Scenario

A sustained move over 93.805 will indicate the buying is getting stronger. This could create the momentum needed to challenge the minor top at 94.315. Taking out this level could trigger a surge into the resistance cluster at 94.770 to 94.795.

Bearish Scenario

A sustained move under 93.805 will signal the presence of sellers. This could trigger a break into the support cluster at 93.295 to 93.275.

The 50% level at 93.275 is a potential trigger point for an acceleration to the downside with 92.460 a potential downside target.

For a look at all of today’s economic events, check out our economic calendar.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.