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After five days of consecutive decline, FXCM US Dollar index turned the corner and from interim support channel, suggesting there could be further gains in Dollar, though there is risk of further fall and break of interim support line.
For the past five days, dollar has weakened sharply against commodity pack as well as developed market peers such as Euro and Pound. This rise in Dollar may not be broad based, instead it could be selective.
Dollar is likely to gain most against pound, as rate hike expectations from Bank of England (BOE) is souring over third and final quarter weakness in economic releases. Today's inflation report showed that UK economy has slipped back into deflationary territory, Consumer price index dropped to negative territory for second time this year.
Technically speaking, FXCM Dollar index is currently trading at 11945, trading above yesterday's high of 11942. A rise towards 12000 is very much likely.
