DXY regains the smile following Tuesday’s marked drop.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE and login below to read further [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• DXY regains the smile following Tuesday’s marked drop.
• Above the 109.00 mark the dollar could revisit the YTD highs.

The pair currently trades last at 108.69.

The previous day high was 109.27 while the previous day low was 108.06. The daily 38.2% Fib levels comes at 108.52, expected to provide support. Similarly, the daily 61.8% fib level is at 108.81, expected to provide resistance.

DXY fades Tuesday’s decline and returns to the positive territory with the next target at the 109.00 neighbourhood.

The continuation of the upside momentum looks increasingly likely in the very near term. That said, beyond the 2022 high at 109.29 (July 14) the index could challenge the September 2002 peak at 109.77 prior to the round level at 110.00.

In the meantime, while above the 6-month support line near 105.10, the index is expected to keep the short-term positive stance.

Looking at the long-term scenario, the bullish view in the dollar remains in place while above the 200-day SMA at 100.55.

Technical Levels: Supports and Resistances

EURUSD currently trading at 108.69 at the time of writing. Pair opened at 108.53 and is trading with a change of 0.15 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 106.55, 50 SMA 106.19, 100 SMA @ 104.21 and 200 SMA @ 100.44.

The previous day high was 109.27 while the previous day low was 108.06. The daily 38.2% Fib levels comes at 108.52, expected to provide support. Similarly, the daily 61.8% fib level is at 108.81, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 107.97, 107.41, 106.76
• Pivot resistance is noted at 109.18, 109.83, 110.4

[/s2If]
Join Our Telegram Group