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The dollar is moving toward its highest level in two years

Technical Analysis
By Shady Fouad
The dollar is moving toward its highest level in two years
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DOLLAR INDEX

مؤشر الدولار الأمريكى 24-12-2024

The US Dollar Index is trading around the 108 resistance area, and if it breaks above this level, we may target the 109 area. However, it is likely that this level will limit the pace of the upward movement in today’s trading.

Support

 107 105.60 104.25
Resistance 108 109

109.35

The US Dollar Index (DXY), which measures the dollar’s performance against a basket of six major currencies, recorded a significant increase, surpassing the 107.00 level, reflecting the dollar’s strength in global markets. This rise was supported by investor expectations regarding the Federal Reserve’s interest rate decisions, with forecasts pointing to a potential 25 basis point cut in the meeting scheduled for the day. Additionally, economic data, such as US retail sales, showed better-than-expected performance, boosting confidence in the US economy and supporting the dollar’s strength. However, persistent inflation above the 2% target and global geopolitical tensions may pose future challenges to the dollar’s performance.

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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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