FXStreet The US Dollar Index is, in all probability, the third weekly loss in a row there, and the low month closing price since October. The Greenback opened, according to the France-elections with strong losses and could not recover.
On Friday, the DXY has traded within the past few days, existing in a sideways range, moving between 99,20 and 98,50. Now he is consolidating its losses.
In the next week some important events are on the Agenda. So the Federal Reserve is expected to hold its two-day monetary policy meeting (no Changes), and on Friday the official jobs report is released.
Main responsible for the losses of the greenback, the rally in the European currencies. While the EUR/USD and the GBP/USD reached new monthly highs, and quoted currencies, the US Dollar strength against the commodity. Also, the Japanese Yen, he erased his losses for the current month.
The Index continued its downward movement, after he found two weeks ago, a resistance at 101.00, where a bearish trend line is. He respected the dynamic resistance and turned to the South. To be slipped at the beginning of the trading week, the Barometer under a medium-term bullish trend line and stayed the whole time.
The daily chart shows that the risks are still on the bottom, as long as the Index trades below 99,40. The chart technical situation is improving, if the Index the downward trend line at 100,80.
** FXStreet News Editorial, FXStreet**