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Dollar has been hammered after its initial gains on Tuesday over Chinese devaluation of Dollar/Yuan exchange rate. However, Dollar euphoria failed to last against majors led by Euro which now stands at critical resistance.
As shown in the chart, FXCM US dollar index, which has moved into a range since July 20th, 2015 is now stands close to its range support.
Why stay cautious -
- The current range of Dollar has survived FOMC rate decision, BOE minutes, ADP and NFP report and two Yuan devaluation from China.
- Dollar bulls have been halted 6 times on the upside from breaking the range. Similarly Dollar bears have also been halted six times at range low.
- FXCM dollar index now stands at 11980, at its range low.
Expectations ahead -
- There aren't any economic dockets scheduled for today, which might prompt breakout or reversal, speaking from historical reference.
- However, New York FED president William Dudley is scheduled to speak today at 12:30 GMT. Though his speech doesn't concern monetary policy, any cut off comments on Dollar or September hike might pose reversal.
