The Dollar Index (DXY) witnessed a slight uptick, increasing by 0.19% to 103.773, as market participants adjust positions ahead of critical economic releases and central bank meetings. The index is currently trading above the pivot point at 103.651, suggesting a bullish sentiment with potential resistance at 103.932, 104.295, and 104.615.
Support levels are identified at 103.322, 103.062, and 102.733, which could provide a safety net against any downward movement. The 50-Day and 200-Day Exponential Moving Averages, standing at 103.367 and 103.422 respectively, underline a cautiously optimistic outlook.
The trend remains bullish above 103.651, but a dip below this threshold could signal a broader market reevaluation.
Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.