New Federal Reserve chairperson Yellen stated that the Fed would maintain an accommodative stance on monetary policy. This caused weakness in USD. Recently released US data was also not supporting USD. As a result, the USD moved lower during the previous week. The USD is trading at the level of 80.10, near the crucial support zone, in the Asian trading session. In the daily chart RSI is still in the downward zone, but it is reaching close to its buying level. In the previous week, the USD pairs were close to the crucial support levels. We don't expect a breakdown in the USD considering the taper of QE. The USD pairs have attractive trading setups near crucial support zones.
Support- 79.7
Resistance- 80.15, 80.33, 80.70.
Below 79.7, we are about to head towards 79.0.
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