- US Dollar Index (DXY) maintains weekly bounce near 106.80.
- A further rally seems likely once it breaks above 107.00.
The US Dollar Index (DXY) down quickly on Tuesday’s inconclusive price action and resumes rally towards upper end of recent range near 106.80.
The continuation of the bullish momentum could extend to the August high near 107.00 (Aug 5). Breaking above this level should prompt the index to challenge the post-FOMC meeting high at 107.42 (July 27).
In a broader scenario, the bullish view of the dollar remains above the 200-day SMA at 100.22.
DXY daily chart
Technical levels
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
