The dollar is experiencing slight increases.

DOLLAR INDEX

The US Dollar Index is trading around the resistance level of 106.25. If it breaks above this level, we may target the 107.25 area. However, it is likely that prices will move within a sideways range between the aforementioned resistance area and the support level of 105.60 during today’s trading.

The US Dollar Index showed relatively stable performance yesterday, registering limited movements within a narrow range despite mixed economic data. After a slight decline at the beginning of the session, the index regained some strength to close near the key support level of 105.60. This movement reflects a relative stability in the markets amidst the volatility of US economic data, which showed mixed results in employment and economic growth. Technically, the index remains near important resistance levels at 106.25, which could see profit-taking if broken decisively. On the other hand, technical indicators such as moving averages suggest movement within a narrow channel, with significant attention on upcoming economic data, such as growth figures and inflation rates, which could impact expectations of a Federal Reserve rate hike.

You can now benefit from LDN company’s services through the LDN Global Markets trading platform.