Strong data pushed the US Dollar Index towards 100Dsma. The index managed to close above that level at yesterday’s session.
Private sector employment increased by 237,000 jobs from May to June according to the June ADP National Employment Report. The June PMI® registered 53.5 percent, an increase of 0.7 percentage point over the May reading of 52.8 percent.
The US Dollar Index hit a higher low of 93.56 changing its direction towards north. The parallel resistance is seen at 96.42 trading at 96.32 during today’s Asian session. In case bulls manage to stay above 96.45 for couple of hours, they will aim for 96.90 and 97.50 initially. The double top formation is seen at 97.80. Today’s jobs data will provide clear near-term picture. In case of a daily close above 97.00, bulls will target 99.00. Support is found at 96.00 and 95.60. Until bulls hold 94.68, the bullish view remains in play.
The material has been provided by InstaForex Company – www.instaforex.com