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The US Dollar Continues to Rise

Technical Analysis
By Shady Fouad
The US Dollar Continues to Rise
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DOLLAR INDEX

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The US Dollar Index is trading below the resistance zone of 106.25, and if it breaks above this level, we may target the 107.25 zone. However, prices are likely to move sideways between the aforementioned resistance zone and the support zone of 105.60 during today’s trading.

Support

 105.60 105 104.25
Resistance 106.25 107.25

108

The US Dollar Index (DXY) closed at 106.04 points, recording an increase of 0.32% compared to the previous session. This rise is attributed to positive US economic data, including the monthly jobs report, which showed an increase in employment, bolstering expectations of the Federal Reserve maintaining its current monetary policies. Additionally, geopolitical tensions boosted demand for the dollar as a safe haven, contributing to the index’s upward movement.

From a technical perspective, the index surpassed the resistance level at 105.70 points, indicating a potential continuation of the upward trend in the near term.

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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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