US Dollar Shows Signs of Recovery

US Dollar Shows Signs of Recovery
US Dollar index is recovering slowly from its 0.5% plunge on Wednesday, further upside expected.
EUR/USD dropped 0.13% to close at 1.1300 as market sentiments diminished early Thursday morning in Europe. However, the pair consolidated its recent gains, thanks to the downbeat US data and policymakers’ decision to reject fears emanating from Omicron. Players are awaiting US Weekly Jobless Claims and Chicago Purchasing Managers’ index to obtain fresh impulse.
GBP/USD however made gains against the greenback. The quote consolidated recent gains closing at 1.3485. Further upside is expected if the cable pair can keep the previous day’s 50-DMA breakout in light of the prevailing bullish MACD signals.
USD/CHF managed to regain its losses on Thursday, gaining 0.13% to close at 0.9160. But bearish MACD signals and a steady RSI are pointing towards a possibility for bears to gain more ground in the coming days.
Currently, the dollar is playing in the range of 95.84 to 96.73 and a double bottom can be seen in the chart. If it continues to respect the support line, then price of US dollar can go further up.
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