This trading week started from a further downswing of the US Dollar against other majors. During the Asian trading session, on June 23rd, the USD index dropped down to 80,27. This is the intraday low. This is the starting point for the bullish reaction started at the beginning of the European trading session.
The American currency managed to regain some of the lost ground by recovering up to 80,38 against a basket of 6 other major currencies during the second part of the European trading session. The recovery is taking place amid weaker Euro and Pound.
The Euro declined due to the lower-than-expected manufacturing production (from 51.9 down to 52,2 points). At the same time, Services PMI declined from 52.8 down to 53.2 while experts had anticipated 53.3.
Meanwhile, the market is getting ready for the forthcoming report on the US housing market. In particular, in a couple of hours we are going to witness the secondary sales figures. Just for the sake of reference, the secondary housing market has been witnessing a bearish tendency in terms of sales since September 2013. This was the month of the biggest sales volume in the US secondary housing market (5,47 million).
USD Index
According to Masterforex-V Academy, the H1 chart of the US Dollar index. The chart is showing us a bearish bias, which means the sellers are currently dominating the market. The downswing has been going on since 80.97.
Resistance: 80.51 + 80.52 + 80.72 + 80.83 + 80.88, 80.94 + 80.97 and 81.02.
Support: 80.27 + 80.22 + 80.19.
