Currency

Gains Continue in the USD With a Trend Decision Nearing

Posted 11/21/2018 8:17AM CTTony Cholly

On a negative note for the USD, the large amount of U.S. data today does not appear to have much conclusively positive news for the economy.  Although, it does appear that the USD may gain some support from the gains in U.S. equities as well as a lift from holiday sales headlines.  A limiting issue for the dollar to start today is the downshift in Italian budget concerns and fresh charges from the US administration of unfair Chinese trade practices.  Resistance comes in at 9710 and 9735 while support hits at 9625 and 9570.

As indicated already, the euro is seeing some recovery action off a slight improvement in the Italian budget fears as an overnight compromise has removed that issue as a concern for the Euro Zone.  However the Euro should remain under pressure from a stronger USD. The next area of resistance is around 1144900 and 1152900, while first support hits at 1133500 and 1130100.

U.S. Dollar Index Dec ’18 Daily Chart

U.S. Dollar Index Dec '18 Daily Chart

Euro FX Dec ’19 Daily Chart

Euro FX Dec '18 Daily Chart

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Tony Cholly

Senior Market Strategist

Tony majored in Economics at Eastern Illinois University. He performed his thesis on the market price of corn in the market and the factors that affect it. Tony was drawn to futures trading because of the opportunity to have financial gains in an economic environment. He prides himself on working with customers one-on-one and developing a trading strategy based on the client's needs and wants.

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