- DXY is facing increased selling pressure and is approaching 106.00.
- At the moment, there is a strong resistance zone near 107.00.
He DXY retreats to three-day lows in the 106.20/15 area after the rejection of the 107.00 area observed in the second half of last week.
So far, further range-bounding looks like the most likely scenario for the index at the moment. The breakout of this theme exposes a potential move towards the weekly high at 106.89 (Oct 26), before the round level at 107.00 and just before the 2023 high at 107.34 (Oct 3).
For now, as long as it remains above the key 200-day SMA, today at 103.41, the outlook for the DXY 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.
