- DXY resumes higher (modestly) after Tuesday’s pullback.
- The next upside target is this year’s peaks around 92.50.
The US Dollar Index (DXY) appears to have regained its smile on Wednesday. The rejection of the 92.50 area (March 9) appears to have found decent support in the 92.00 neighborhood for the time being.
A continuation of the uptrend appears likely despite the ongoing correction, which also seems justified in the recent overbought conditions of the index. If it surpasses the current year’s highs around 92.50, the 200-day SMA at 92.85 will appear on the radar again.
A break above the latter should change the outlook to a more constructive one and allow further gains until initially the November 2020 highs near 94.30 (November 2).
DXY day chart
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
