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Dollar slides to fresh lows versus yen as trade eyes support levels
The U.S. Dollar Index is testing the 98.60 to 98.75 support zone, with a break below that level pointing to 97.70 to 97.85, according to technical analysis.
Yahoo Finance reports the U.S. dollar retreated on the Labor Day holiday in the United States, with the U.S. Dollar Index losing ground in the absence of major economic news. The analysis highlights a nearest support range at 98.60 to 98.75, and says a settlement below 98.60 could send the index toward 97.70 to 97.85, noting RSI remains in moderate territory with room for additional downside momentum.
In the yen market, traders are urged to watch Japanese yen moves to judge whether the dollar has a chance to test new lows this week. The broader dollar weakness also lifted EUR/USD, even as Germany’s industrial production data disappointed, falling 1.1% month-over-month in July versus a forecast for a 0.1% rise.
For EUR/USD, the analysis says the pair gained ground but outlines resistance at 1.1685 to 1.1700 if it holds above 1.1615. For GBP/USD, it moved higher on general dollar weakness and the UK’s Lloyds House Price Index, which showed house prices down 0.4% year-over-year in August versus an expected 0.1% gain.
On the British pound, the analysis says the pair is trying to settle above resistance at 1.3550 to 1.3565, with a move above 1.3565 potentially targeting 1.3635 to 1.3650. The article also links USD/CAD weakness to continued strength in oil markets.
Latest closeEUR/USD 1.163 ▲0.0%|GBP/USD 1.354 ▼0.0%|Dollar index 98.84 ▼0.3%