US Dollar unable to gather traction, near 95.30

The greenback, tracked by the US Dollar Index, remains on the defensive today, testing multi-week lows in the 95.30 region.

US Dollar focus on US CPI

It seems the index has resumed its upside on Tuesday, currently challenging 6-week lows in the 95.30 area, levels last seen post-Brexit vote in late June.

USD keeps the undertone following increasing demand for the safe haven JPY, dragging USD/JPY markedly lower after the BoJ failed to meet market expectations over the stimulus package oriented to spur inflation expectations.

In the US data space, June’s inflation figures gauged by the PCE are due along with Personal Income/Spending for the same period.

US Dollar relevant levels

The index is retreating 0.31% at 95.41 facing the immediate support at 95.10 (100-day sma) followed by 94.78 (61.8% Fibo of 93.03-97.62) and finally 94.01 (78.6% Fibo of 93.03-97.62). On the other hand, a breakout of 96.64 (200-day sma) would aim for 97.62 (high Jul.25) and finally 98.58 (high Mar.1).