- DXY is under pressure after recent highs.
- The move towards 108.00 still seems possible in the short term.
He DXY is facing some selling pressure after reaching new 2023 highs in the 107.30/35 area on Tuesday.
In view of price developments, it seems likely that the Dollar will continue to rise for the time being. Once DXY breaks the yearly high of 107.34 (Oct 3), it could encourage bulls to challenge the weekly high of 107.99 (Nov 21, 2022) just before the round level of 108.00.
Meanwhile, as long as it remains above the key 200-day SMA, today at 103.13, the outlook for the index is expected to remain constructive.
DXY Daily Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
