FOREX

USD Index Outlook: Dollar Rises as Fears of the Second Wave of Virus Sour Risk Sentiment

The dollar regained traction on Thursday, as fears of the second wave of Covid-19 eventually tempered optimism about global post-pandemic recovery, with positive impact on risk sentiment from upbeat German business climate data also being minimized. The index price is holding firmly in green and on track to form bullish outside day pattern which would generate signal for stronger recovery 1% fall on Mon/Tue. Momentum is emerging into positive territory on daily chart and supporting the action, however, obstacles provided by 10DMA (97.00), 20DMA (97.11) and Fibo 61.8% of 97.66/96.30 bear-leg (97.14) need to be cleared to confirm reversal.

Res: 97.00; 97.14; 97.34; 97.66
Sup: 96.73; 96.56; 96.48; 96.30

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