The DXY Index showcases gains, jumping back above the 200-day SMA near 103.70.

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• The DXY Index showcases gains, jumping back above the 200-day SMA near 103.70.
• No relevant reports were released on Tuesday, focus is set on PCE and GDP data due later this week.
• Rising yields and markets delaying dovish bets on the Fed provide a boost to the Greenback.

The US Dollar (USD) index has been experiencing an uptrend, with the index currently trading up to the 103.70 level. This comes in anticipation surrounding upcoming key inflation data and the impact of rising yield as markets reduced their dovish bets on the Federal Reserve (Fed).

The US economy is maintaining its robustness as traders await key data and central bank meetings later this week. Despite a lack of major data or any Fed speakers, the market pushed back its easing expectations to roughly 125 bps over 2024, down from nearly 175 bps earlier this month, which has helped the Greenback recover.

The indicators on the daily chart reflect a mix of bullish and bearish sentiments. The Relative Strength Index (RSI) is in positive territory, indicating sustained buying pressure in the market that is underscored by the appreciating slope of the RSI plot.

Simultaneously, the Moving Average Convergence Divergence (MACD) paints a contrasting picture. The MACD histogram displays flat green bars, sporting a lack of bullish conviction. This stagnation of MACD hints at a balance in buying and selling pressures for the moment.

As for the Simple Moving Averages (SMAs), the DXY is trading above the 20-day SMA, indicating that the bulls maintain control in the immediate term. Nevertheless, the bearish undercurrent is evident with the index trading below the 100-day SMA. Yet the medium to long-term optimism remains as the index has recovered the crucial 200-day SMA.

Support levels: 103.50 (200-day SMA), 103.30, 103.00.
Resistance levels: 103.80, 104.00, 104.10.

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