The dollar index breaks above 95.00 again
The rise in the dollar also owes much to the decline in the euro after yesterday's ECB decision and Draghi press conference. But it is what it is, and the dollar index has now posted fresh highs for the year, breaking the end of May high @ 95.025.
Right now the dollar index is set for a test of the 95.150 level - October 2017 high - and that will be a key test for buyers. Breaking above said level opens up some breathing space for the greenback to track higher still - with minor resistance next seen around 95.80 to 96.00.
The dollar retraced some gains earlier this month, but those declines were halted by the 23.6 retracement level @ 93.427. We're now seeing a resumption back to the upside, but for it to continue a break of the 95.150 level must be seen.
Watch this space. It is a pivotal area if we are to see the dollar break higher over the next few sessions.
