The US Dollar Presses Higher off Soaring Yields
The US dollar has edged higher off soaring yields with the expectation of yet another fed rate hike (a total of four) this year. We have solidly established the 95 handle after testing lows in the 94's earlier this week. We broke 95.26, 95.58, and 95.82 with ease. Currently, we are facing resistance at 95.82, which has been a significant level in the past. A red triangle on the KRI confirms resistance here. However, 95.58 is providing good support, and if the momentum continues, we expect it to continue to provide support. We can perhaps anticipate a pivot here. If so, expect the DXY to make a run for the 96's, where it should run into resistance soon, at 96.00 or 96.24. If not, then beware of the vacuum zone down to 95.26.
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