Sforex

USDollar: Hard to say about next move

INDEX:DXY   U.S. Dollar Index
58 0 1
We just have one more trading day in this week.

Two main events driving financal market this week is:

- Greece debt
- China stock market.

The risk event dominated market through the week, and economic data seem mute.

Traders around the world sell EUR and BUY USD vs beta currencies while BUY Yen cause of safe haven currency.

However, nearly those two problem are solved.

- Greece PM Tsipras agree all proposals of creditors and I think a deal will pass before the deadline.

- After using strong intervention method, The China stock BEAR is tamed.

Next week, there is no major US data, so we lack of necessary Fundamental momentum to drive USDollar             , and this could lead a SELLOFF Dollar across the board.

- Technial Analysis

Look at on the chart, DXY             reject the Kumo cloud and the bearish trend line .

DXY             must struggle around this level to move higher, but seem it unsuccesses.

However, I still hope it could break the trend line to resume the LONG position of DXY             .
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