DOLLAR INDEX
The U.S. Dollar Index is trading above the support zone at 98.25, and it is likely that prices will rise to retest the resistance zone at 101.25. This scenario would be invalidated if the previously mentioned support zone is broken to the downside.
|
Support |
98.25 | 95.50 | – |
| Resistance | 101.25 | 103 |
104.25 |
The US Dollar Index (DXY) witnessed a notable rise today, reaching the 99.80 level during the Asian session, marking its highest weekly level. This upward movement is driven by improved consumer sentiment in the United States, as the Consumer Confidence Index rose to 98.0 in May, compared to 86.0 in April, reflecting growing optimism about the economy and the labor market.
Investors are now awaiting the release of the Federal Open Market Committee (FOMC) meeting minutes later today to gain clearer signals regarding the future direction of monetary policy.
Despite this rise, the index remains below the key resistance level of 100.25, suggesting that the upward trend may face challenges if no supportive economic data or clear signals from the Federal Reserve emerge. Therefore, investors are advised to closely monitor economic and political developments before making new investment decisions.
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