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Hugo in HTO Trading,

USD Index: In a consolidation at the high of the Year

On last Friday session the Retail Sales in August from the U.S. came out as expected at 0.6% showing signs of economic recovery. The Reuters/Michigan Consumer Sentiment Index beat market expectations rising from 83.2 to 84.6 showing that consumers are willing to spend money.

Next week all eyes will be on Wednesday Fed’s Monetary Policy and Interest Rate Decision, looking for signs of when will the Fed raise rates.

Since Tuesday USDInd has been in a consolidation at the high of the Year but in a strong bullish trend. Yesterday the USDInd closed near the low while the stochastic continues in a overbought level. So it might retrace to a 38.2 Fibonacci level before resuming the uptrend.

Expecting downward move to 83.769 on a break below previous day low at 84.21 (scenario 1).