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US Dollar managed to bounce from 50% retracement level
(99.85) of the bullish move (95.89 103.82) started on US
Election Day but the upside is capped at a minor resistance
around 100.40. Comments from the U.S Treasury Secretary
Nominee Steven Mnuchin added pressure and makes the
investors believe that the new US administration might not be
interested in a strong dollar policy, as Mnuchin shows the
concerns on the negative impact of stronger dollar on US
economy in short term.
The technical picture of the US Dollar looks uncertain as short
term intraday charts indicates mixed signals. Dollar is struck in
a range between 99.85 and 100.40 from past two sessions. A
break on the downside is expected to remain limited as
important support is at 99.40 which could offer a bounce
again, while on the other side a break above 100.40 will lead
dollar to test towards an important resistance 102.20-30 area.
Support: 99.85, 99.40
Resistance: 100.40, 100.90, 101.80