The Dollar remains underpinned by last week’s surprisingly positive Non-farm payroll result. However,an added bullish tilt in the Greenback is flowing from talk that US rates might be poised to rise sooner than wasexpected prior to the payroll results last week. However, to facilitate more upside action in the Dollar will probablyrequire something positive from private weekly chain store sales figures and or from a Fed speech from theRichmond Fed President Lacker later today. While consumer credit will also be released today and the Dollarbulls probably need to see a rise in the use of credit in the neighborhood of last month’s gain of 26 billion thatreport is a second tier result. While today’s economic news might impact the currency markets, the focus of thetrade will probably most remain on the kick off to the US corporate earnings cycle and on the release of theFOMC meeting minutes on Wednesday. Critical support in the September Dollar index this morning is seen at80.25 and there might be little in the way of resistance seen until the 80.405 level.
Technical Outlook: Daily momentum studies are on the rise from low levels and should accelerate amove higher on a push through the 1st swing resistance. The close above the 9-day moving average is a positiveshort-term indicator for trend. The market tilt is slightly negative with the close under the pivot. The near-termupside objective is at 80.46. The next area of resistance is around 80.35 and 80.46, while 1st support hits today at80.19 and below there at 80.14.