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- US Dollar Index Price Analysis: Further consolidation likely ahead of extra gains
US Dollar Index Price Analysis: Further consolidation likely ahead of extra gains
- DXY fades the post-FOMC sharp pullback and approaches 107.00.
- Extra range bound seems probable for the time being.
DXY bounces off the 106.00 neighbourhood and manages to reverse Wednesday’s strong retracement on Thursday.
So far, the prevailing side-lined trading looks well contained by the 106.00 neighbourhood. If the index breaks above this pattern it could then attempt a move to the 2022 high near 109.40 (July 14). Bouts of extra weakness in the dollar carries the potential to drag the index to the 55-day SMA at 104.71.
The near-term outlook for DXY is seen constructive while above the 5-month support line near 103.90.
In addition, the broader bullish view remains in place while above the 200-day SMA at 99.38.
DXY daily chart
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