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US Dollar Index retreats from highs

FXstreet.com (Barcelona) - The greenback, measured by the US Dollar Index, is easing some ground on Tuesday after hitting fresh highs in the vicinity of 84.30.

“The timing of a possible Fed exit remains a key market concern and while increased expectations of a reduction in the Fed’s asset purchases have the potential to drive the dollar even stronger, we note that market is already very speculative long USD according to the latest IMM data and it does not take much to trigger a correction when market positioning is very one-sided”, assessed S.Holbek, Analyst in Danske Bank.

As of writing the index is up 0.50% at 84.17 and according to tradingcentral.com the next resistance levels are located at 84.20 and 84.40 while supports lie at 83.45, 83.30 and 83.10.

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