- DXY is under pressure shortly after reaching highs above 102.00.
- Bearish pressure seems muted above the 102.60 area.
He DXY now sees its previous gains pared after hitting fresh highs just above 102.00 on Friday.
Despite continued bearish momentum, the DXY looks set to prolong its recent rally. That being said, the next target emerges at the transient 55-day SMA at 102.57. Breaking above this zone should ease the dollar’s bearish bias and allow for additional gains.
On a bigger picture, as long as it holds below the 200-day SMA at 103.78, the outlook for the index will remain negative.
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.
