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

The U.S. Dollar is trading weaker against a basket of major currencies, unable to shake off the previous session’s lows on Friday and was set for a weekly fall, losing out to the Japanese Yen in particular, which hit a seven-week high as investors sought the safe-haven currency.

Data released on Thursday showed that the number of people in the United States filing new claims for unemployment benefits fell less than expected, suggesting the country’s market recovery is stalling.

At 16:43 GMT, December U.S. Dollar Index futures are trading 92.88, down 0.089 or -0.10%.

Daily December U.S. Dollar Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. It turned up last week, but the lack of follow-through to the upside and this week’s sideways price action suggests momentum may be shifting to the downside.

A trade through 93.640 will signal a resumption of the uptrend. The main trend changes to down on a trade through 91.750.

The minor trend is also up. A trade through 92.680 will change the minor trend to down. This will confirm the shift in momentum to the downside.

The first minor range is 91.750 to 93.640. Its retracement zone at 92.695 is support.

The second minor range is 93.640 to 92.680. Its 50% level at 93.160 is resistance.


Short-Term Outlook

The tight trading range created by a pair of 50% levels at 92.695 and 93.160 is proving both resistance and support. Trading inside this range suggests impending volatility.

Our charts indicate that we could see an acceleration to the downside if sellers can take out the 50% level at 92.695 and the minor bottom at 92.680. The daily chart also indicates there is plenty of room to the downside with the next major target the 91.75 main bottom.

Overtaking 93.160 will indicate the presence of buyers. However, don’t expect an upside break out unless buyers can overcome the main top at 93.920.

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.