The DXY partially retraces Monday’s moderate advance and is under downward pressure around 103.40.
The price action in the DXY index continues to support the resumption of the uptrend from the beginning of the year. In that scenario, the next barrier to the upside is at the 2022 high just below the 104.00 level (28 Apr), before targeting 105.63 (11 Dec 2002 high).
The current bullish stance in the DXY index remains supported by the 8-month line near 96.80, while the long-term outlook for the dollar looks constructive as long as it remains above the 200 SMA today. 95.81.
Source: Fx Street
I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.
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