Since my last update on the USDX, price tested 94.61 resistance and came down again. Currently price is slowing moving back to the 93.78 support area. I would be looking at 93.78 support closely to see if buyers are coming in or not. The current support level is the 1 year low area for the USDX and this test would be the 6th time it has tested the low.
In her first public remarks since America’s central bank opted not to raise its benchmark U.S. interest rate earlier this month, Federal Reserve Chair Janet Yellen’s message was straight and to the point: The Fed should “proceed cautiously.” This statement to me is the cause of drop which you are seeing. So will the hot money agree with Yellen, in the next few weeks, things would be clearer…Till then.