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Forex: US Dollar Index retreats from highs

FXstreet.com (Barcelona) - The US Dollar Index, which tracks the greenback against its major rivals, is now retracing earlier gains, hovering over the key 84.00 figure although well into the positive territory.

In the view of Tim Riddell, Head of Global Markets Research, “the index is also showing the potential for a more pronounced push away from the 82.50-83.00 area towards declining resistance at 86.55 or even the next retracement level of 90.00. A slide below 82.35 would undermine the potential for early continued gains”.

At the moment, the index is up 0.29% at 83.95 and according to tradingcentral.com the next resistance levels line up at 84.00, 84.20 and 84.5, while supports are located at 83.30, 83.10 and 82.85.

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