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US Dollar weaker, drops to 94.70 ahead of Yellen

FXStreet (Edinburgh) - The US Dollar Index, which tracks the greenback vs. its main competitors, is reverting yesterday’s positive performance and deflating to the 94.75/70 band.

US Dollar gains capped by 95.00

After hitting sub-94.00 levels on Friday, the dollar’s strong rebound seems to have found strong resistance around the 95.00 neighbourhood so far this week.

Today’s mixed results from September’s US housing sector did not help the greenback either, although market participants will closely follow Chairwoman J.Yellen’s speech (later in the NA session) in order to see if a Fed’s lift-off in 2015 still remains ‘on the table’.

US Dollar significant levels

As of writing the US Dollar Index is down 0.26% at 94.76 with the next support at 94.19 (low Sep.18) followed by 93.91 (23.6% Fibo of 98.40-92.52) and finally 92.52 (low post-PBoC move Aug.24). On the upside, a breakout of 95.46 (50% Fibo of 98.40-92.52) would expose 95.68 (55-day sma) and then 96.00 (100-day sma).

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