19 Sep 2013
DXY blind-sided by FOMC decision; US data looms Thursday; targeted support at 79
FXstreet.com (Barcelona) - As soon as the announcement from the FOMC regarding their tapering plans hit the wires, the DXY fell right off the proverbial cliff’s edge. Data flow may provide a bounce, but more selling is likely.
DXY traders get data from around the world and the US Thursday
DXY traders will get to digest the Swiss interest rate decision, British retail sales and a flurry of US data including US Weekly Jobless Claims and existing home sales data as well as the Philly Fed Manufacturing Survey and the Conference Board’s Leading Economic Indicators.
Technical outlook for DXY
The DXY broke all of the daily support levels for the bullish DXY case. Tim Thielen, CMT and author of the Sea Change Report, said in his most recent submission for FX Street that the DXY may eventually head down to the 78.90 and/or 77.96 downside target range. Given the oversold condition of the index, it may be susceptible to relief bounces – but those rallies are to be sold according to Thielen.
DXY traders get data from around the world and the US Thursday
DXY traders will get to digest the Swiss interest rate decision, British retail sales and a flurry of US data including US Weekly Jobless Claims and existing home sales data as well as the Philly Fed Manufacturing Survey and the Conference Board’s Leading Economic Indicators.
Technical outlook for DXY
The DXY broke all of the daily support levels for the bullish DXY case. Tim Thielen, CMT and author of the Sea Change Report, said in his most recent submission for FX Street that the DXY may eventually head down to the 78.90 and/or 77.96 downside target range. Given the oversold condition of the index, it may be susceptible to relief bounces – but those rallies are to be sold according to Thielen.