The Dollar Index finished the week at its lowest level since last October.
“The possible double bottom pattern that had appeared to be forming was dashed as it did not rise above the neckline before breaking down to new lows. Support near 95.00 is mild but is stronger closer to 94.00.
The poor close warns of a gap lower opening in Asia on Monday. “
“A move above 96.20 is needed to suggest a bottom is in place.”
“The Dollar Index has been alternating between weekly gains and losses since the beginning of May.”
“The pattern is at risk if it cannot advance this week. “
“Given the light US economic calendar, its fate may be in the hands of ECB President Draghi who holds his customary press conference after the central bank meeting.”