Dollar index extends advance on risk appetite / upbeat US private jobs data
The greenback surged to new two-month high against the basket of major currencies on Wednesday, driven by fresh risk appetite on talks about possible cure for coronavirus and upbeat US private sector jobs data (ADP Jan 291K vs 156K f/c and 199K previous month).
The dollar index rallies for the third straight day (up 0.85% since Monday) with today’s break above pivotal Fibo barrier at 98.03 (61.8% of 99.29/96.00) on track to generate strong bullish signal on close above this level.
Strong bullish momentum and other daily indicators in positive setup, support the advance, as bulls eye next strong barriers at 98.50 zone (29 Nov high / Fibo 76.4%).
Res: 98.16; 98.50; 98.93; 99.29
Sup: 98.03; 97.83; 97.74; 97.64