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Friday, January 15, 2021

US Greenback Outlook Brightens Amid Rising Yields, Volatility

USD PRICE OUTLOOK: US DOLLAR STRENGTH SPURRED BY RISING TREASURY YIELDS & MARKET VOLATILITY

US Greenback bulls have despatched the Buck rebounding greater over the previous few buying and selling classes. After closing at recent two-year lows final Tuesday, the DXY Index has since gained about 1.2% and at the moment hovers at three-week highs. The inflow of broad-based power throughout USD value motion appears catalyzed by surging Treasury yields. Rising market volatility and demand for safe-haven currencies could possibly be exacerbating US Greenback shopping for strain as properly.

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DXY – US DOLLAR INDEX PRICE CHART: DAILY TIME FRAME (22 OCT 2020 TO 11 JAN 2021)

DXY Index Price Chart US Dollar Technical Forecast

Chart by @RichDvorakFX created utilizing TradingView

The most recent US Greenback rebound try is earmarked by advances over the past four-straight buying and selling classes. Although spectacular, the newly solid bullish short-term pattern might battle to realize traction with key technical obstacles looming overhead. US Greenback power fizzled out because the DXY Index probed its higher Bollinger Band, and resistance posed by the 91.10-price degree has potential to ship the Buck recoiling decrease. That mentioned, eclipsing the 38.2% Fibonacci retracement degree highlighted on the chart above would possibly encourage US Greenback bulls to make a push towards the 50-day easy transferring common.

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USD PRICE OUTLOOK – US DOLLAR IMPLIED VOLATILITY TRADING RANGES (OVERNIGHT)

USD Price Chart Outlook US Dollar Implied Volatility Trading Ranges EURUSD GBPUSD USDJPY AUDUSD USDCAD

US Greenback implied volatility readings proceed creeping greater into the brand new yr. This could possibly be resulting from elevated uncertainty concerning the dominant pattern steering USD value motion because the sharp spike in Treasury yields undermines the broader weak US Greenback narrative. Trying forward, merchants would possibly maintain shut tabs on the barrage of Fed-speak from FOMC officers scheduled all through the week along with an anticipated announcement from president-elect Joe Biden outlining the main points of his stimulus bundle proposal.

Maintain Studying – US Greenback Forecast: EUR/USD, GBP/USD Underneath Strain

— Written by Wealthy Dvorak, Analyst for DailyFX.com

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