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25 Apr 2013
Forex: USD index spot inching higher
FXstreet.com (Barcelona) - USD index spot is last barely below the 83 handle, inside a very narrow range for last 3 hours of about 3 cents, slightly above Monday's highs. The index is up +0.24% from previous weekly close Friday, with US 10 year notes yields having printed since then a 2013 record low at 1.64% when the false twit from AP came in yesterday.
According to the FXstreet.com Team: “It is worth noting the higher highs and higher lows being printed in the contract since the downside failure at 81.50/82.00 daily demand,” the analysts say, adding: “Even if the upward stepping formation is temporarily disturbed through the break of recent swing lows at 82.50 or 82.35, note there is a fresh demand level intraday coming around 82.30/15 as per April 17 rally-base-rally,” they note.
Immediate support to the downside for USD index spot lies at current levels as Monday's highs 82.90, followed by recent daily and March 27 lows at 82.84, and April 17 highs at 82.70. To the upside, closest resistance shows at yesterday's/March 13 highs 83.05, followed by recent/March 14 highs at 83.16/9, and March 27 highs at 83.30.
According to the FXstreet.com Team: “It is worth noting the higher highs and higher lows being printed in the contract since the downside failure at 81.50/82.00 daily demand,” the analysts say, adding: “Even if the upward stepping formation is temporarily disturbed through the break of recent swing lows at 82.50 or 82.35, note there is a fresh demand level intraday coming around 82.30/15 as per April 17 rally-base-rally,” they note.
Immediate support to the downside for USD index spot lies at current levels as Monday's highs 82.90, followed by recent daily and March 27 lows at 82.84, and April 17 highs at 82.70. To the upside, closest resistance shows at yesterday's/March 13 highs 83.05, followed by recent/March 14 highs at 83.16/9, and March 27 highs at 83.30.