The Dollar continues to waffle around both sides of unchanged levels for the week but it also sits justabove a potentially critical pivot point on the charts. With an ongoing decline in global macro-economic anxietythere might be some flow away from the Dollar ahead but that impetus is being countervailed by declining USEbola infection fears. The Dollar has also been choppy this week because of a lack of US economic data flowsand therefore scheduled data from existing home sales and Trade for the US this morning could have apronounced impact on the Greenback. In fact, given very strong US data at the end of last week, almost anythingpositive from the US data window this morning is likely to shore up respect for the 85.00 consolidation supportzone. Another issue that might provide some support for the Dollar is rising expectations of ECB bond buying andreports that the latest Russian talks with Euro leaders went badly.
Technical Outlook: Momentum studies trending lower at mid-range should accelerate a move lowerif support levels are taken out. The market’s close below the 9-day moving average is an indication the short-termtrend remains negative. The market could take on a defensive posture with the daily closing price reversal down.It is a slightly negative indicator that the close was under the swing pivot. The next downside objective is 84.67.The next area of resistance is around 85.30 and 85.62, while 1st support hits today at 84.82 and below there at84.67.