USD Index: Next important resistance level at 102.40, top of the recent tight range trade – MUFG

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USD has proven more resilient this week. The US Dollar Index (DXY) faces the next crucial resistance level at 102.40, economists at MUFG Bankr report.

“The DXY is rising back up to the 102.00 level as it moves further above the intra-day low from 4th May at 101.03. The next important resistance level comes in at 102.40 which is the intra-day high from 2nd May which is the top of its recent tight trading range.”

“The resilience of the US Dollar over the past week could reflect in part more investor unease over the global growth outlook.”

“The USD could be deriving more support in the near-term from more unease amongst market participants over risks to financial stability and growth posed by the ongoing loss of confidence in US regional banks and looming US debt ceiling stand-off that could be helping to temporarily disrupt the weakening US Dollar trend that has been in place driven by expectations of looser Fed policy.”

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