The US dollar is pushing higher on the afternoon US trading session, exploring levels above 0.9300 for the first time over the last ten days. The pair has pierced the top of the recent trading range, inching up towards multi-month highs at 0.9380.
The greenback has bounced up after a soft opening on Tuesday, as investors' concerns about inflationary pressures curtailing economic recovery have dented the US dollar’s strength.
The greenback, however, has managed to bounce up, boosted by a rebound on US Treasury yields, with the 10-year note reaching 1.60% for the first time since June. Market expectations of QE tapering by the Federal Reserve are underpinning the US dollar’s rally.
In absence of relevant macroeconomic figures, the focus is on September’s US Consumer Prices Index data and the minutes of the last FOMC meeting, which could offer a fresh impulse to the USD.
On the upside, if the pair manages to confirm above 0.9300 (Oct. 6, 8 highs) the pair might attempt another attack to multi-month high 0.9380 (Sept. 30 high, 78,6% Fib. Retracement of the March-June decline) and 0.9435 (Apr. 5 high).
On the downside, immediate support lies at 0.9270 (61,8% Fib. Retracement of the March-June decline) then 0.9250 (Oct 7, 11 low, trendline support) and below here, 0.9220 (Sept. 23 lows).
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