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Forex: US Dollar Index bouncing off lows

The US Dollar Index, which tracks the greenback against its major rivals, is trimming losses after bottoming in the area of 82.40/45, dragged lower after the contraction of the weekly Initial Claims sparked a risk-rally.

“Price action in the US Dollar remains constructive, however, as the greenback is the best performing major currency this year… Accordingly, rebounds seen in the Australian Dollar and the Euro, but especially in the British Pound and the Japanese Yen, are seen as profit taking and shorts covering positions, rather than a material change in sentiment”, remarked Christopher Vecchio, Currency Analyst at DailyFX.

At the moment, the index is down 0.41% at 82.56
According to tradingcentral.com, the next support levels line up at 82.40, 82.34 and 82.00; while resistance levels align at 83.20, 83.30 and 83.45

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