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Dollar Index Awaits Federal Reserve Data on Interest Rates

Technical Analysis
By Shady Fouad
Dollar Index Awaits Federal Reserve Data on Interest Rates
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DOLLAR INDEX

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The US Dollar Index is trading below the resistance zone of 107.25, and prices are likely to move sideways between the aforementioned resistance zone and the support zone of 105.60 during today’s trading session.

Support

 105.60 105 104.25
Resistance 107.25 108

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The US Dollar Index (DXY) witnessed a slight increase in today’s trading, reaching the level of 107.00 points, recording a gain of 0.04% compared to the previous close. Technical analysis shows the index continues to trade within a narrow range between 105.60 and 107.25 points, indicating investor hesitation in taking new positions before the end of the year.

From a technical perspective, the index faces strong resistance at the 107.25 level, and a breakout above it may lead to higher levels. On the other hand, the 105.60 level serves as a significant support, and breaking it could result in a decline towards lower levels.

Investors are advised to monitor upcoming US economic data and geopolitical developments, as they could have a substantial impact on the index’s movements in the coming period.

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Shady Fouad

Shady Fouad is a technical analyst at LDN Company
Shady's strategic vision in the currency markets is reinforced by more than fifteen years of trading experience, which enables him to blend economic and technical analyzes with high efficiency, and find the best investment ideas for traders.

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