Dollar Tremors

After two choppy sessions the U.S stock indices continued higher, backed by energies. The sector shot higher as inventories in the U.S showed a drop of -8.4m, compared to last week’s figure of 2.5m. Crude oil jumped during the session and headed back to its prior high, formed in June.

From a technical point of view oil is now trading around technical resistance of 73.5, after presenting an enormous turnaround. One must note that even if a break-out occurs on the daily chart, two important resistance levels lay ahead at 78.73 and 90.52.

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