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The US Dollar Declines Amid Central Bank Decisions

Technical Analysis
By Shady Fouad
The US Dollar Declines Amid Central Bank Decisions
2 25

DOLLAR INDEX

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The US Dollar Index dropped in yesterday’s trading, reaching the support area at 106.25. A break below this level could target the 105.60 area, but it is likely that this region will limit the downward momentum in today’s trading.

Support

 106.25 105.60 104.25
Resistance 107.25 108

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The US Dollar Index saw a noticeable decline in yesterday’s session, dropping significantly due to increased selling pressures following mixed economic data from the United States. The dollar’s retreat came amid expectations regarding the US Federal Reserve’s monetary policies in the near future, as markets began to doubt the Fed’s ability to raise interest rates faster due to a slowdown in certain economic indicators.

Additionally, the market continues to focus on upcoming economic data, such as employment reports and inflation indicators, which could significantly impact the Federal Reserve’s decision-making. Technical analysis shows that the index is approaching key support levels, which may indicate the potential for a correction in the upward trend if these levels are breached. If the downward trend persists, we may see further declines toward lower support levels in the short 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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