DXY USDTrend Overview: The DXY has been in a strong bullish trend recently, driven by market sentiment favoring the US dollar due to strong economic data and expectations of continued Federal Reserve hawkishness. The index has shown resilience at key support levels and is trending upward.
Current Price Action: The DXY is currently trading around the 104.20-104.50 level (assuming recent data), with the potential for a move toward the 106 zone, which is a key resistance area.
Support and Resistance Zones:
Key Resistance Levels:
The 106.00 zone is the key resistance area. This is a major psychological level as well as a technical level from previous price action. A break above this level would suggest further bullish momentum toward 107.50 or even higher.
Intermediate Resistance: The 105.50 zone could be an interim resistance level that needs to be overcome before targeting 106.00.