The dollar slipped lower against the other major currencies
on Wednesday, as polls showed that the race between the Leave and Remain
campaigns remains tight one day before the vote on a potential British exit
from the European Union, or Brexit.
The dollar erased gains posted on Tuesday after Federal
Reserve Chair Janet Yellen saidthat gradual interest rates hikes were likely to
be needed, during her testimony to Congress.
She added that the Fed is “closely monitoring global
economic and financial developments” and taking a cautious approach to raising
interest rates.
Yellen also warned that a vote by Britain to exit the EU
could have significant economic repercussions.
The U.S. dollar index, which measures the greenback’s
strength against a trade-weighted basket of six major currencies, was down
0.22% at 93.95.
Dollar index has support 93.40 and resistance 95.30.
Three consecutive + weekly close below 93.40 will take it to 92.80--92.50 and then to 91.90 else could test its resistance level of 95.30.
Further upside rally can be seen if close above 95.30.
More will update soon!!
