The dollar is proving to be king of the hill so far
From the charts at least, it appears to be a slight retracement from the recent downside move. But buyers still have more work to do. Looking at the hourly chart, buyers leaned on support from the 3 August low (as per previous times) just under 95.00 and the dollar moved higher thereafter.
Something of note is also what's happening on the daily chart:
Daily support is seen from the October highs @ 95.150 and buyers managed to defend the level (well, sort of) as the daily close recovered to 95.146. I wouldn't call it a firm break below and I'm always iffy when candle closes barely close above/below key technical levels - I usually wouldn't classify them as breaks in such a case as different sources will report different price levels.
But in essence, buyers seem to be defending the 95.00 level pretty well for the time being in the dollar index. While there is still much work to be done still, I wouldn't call it a rebound back to the top until there are more signals (breaking the 100-hour MA @ 95.79 will be the first). However, it does appear that the dollar is finding some stability around these levels for now. Until the next bunch of US political headlines hit the wires that is.
