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- USD Index Price Analysis: Further strength in the pipeline
USD Index Price Analysis: Further strength in the pipeline
- DXY adds to Wednesday’s gains and reclaims 113.00.
- Further up comes the October peak around the 114.00 zone.
DXY advances further in response to the FOMC-induced tailwinds and regains the 113.00 barrier and above on Thursday.
The Dollar’s recovery looks poised to continue in the near term, always with the immediate target at the October highs in the 114.00 neighbourhood (October 21). Once cleared, the index could then dispute the 2022 peak near 114.80 recorded on September 28.
The current bullish stance is seen unchanged as long as the 9-month support line near 108.80 holds the downside. The latter appears reinforced by the proximity of the 100-day SMA.
In the longer run, DXY is expected to maintain its constructive stance while above the 200-day SMA at 104.38.
DXY daily chart
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