US Dollar pushes higher to 96.00, 2-week tops

The US Dollar Index, which tracks the greenback vs. its main rivals, is intensifying its upside today and is currently posting fresh tops in the 96.00 neighbourhood.

US Dollar boosted by US results

The index is testing fresh 2-week tops near 96.00 the figure today following higher-than-expected inflation figures in the US economy during last month.

Auspicious results have given extra legs to expectations of a potential rate hike by the Federal Reserve as soon as next week, giving fresh oxygen to USD and allowing the current rebound to the vicinity of the 96.00 handle.

On the not-so-bright side, US Consumer Sentiment tracked by the Reuters Michigan index has come in short of forecasts for the current month, although market participants seem to have large bypassed the results.

US Dollar relevant levels

The index is advancing 0.69% at 95.95 and a breakout of 96.10 (200-day sma) would aim for 96.25 (high Sep.1) and finally 96.78 (23.6% Fibo of July-August drop). On the downside, the immediate support aligns at 94.68 (support line off 2016 low) ahead of 94.05 (low Aug.18) and then 93.03 (low Jun.23).