The Dollar Index marginally decreased by 0.02%, trading at 106.251. Despite this slight downturn, the index remains just above its pivot point at 106.059, indicating a potentially bullish stance if it can maintain above this threshold. Immediate resistance levels are identified at 106.654, 107.365, and 107.934. Surpassing these could signal further strength in the dollar.
Conversely, if the index falls below its pivot, it could test support levels at 105.605, 105.050, and 104.456, where a break below could trigger a more pronounced sell-off. The 50-day and 200-day Exponential Moving Averages, at 105.48 and 104.50 respectively, suggest that the long-term trend remains upward. Traders should watch the 106.059 level closely; staying above it might prevent a deeper decline and stabilize the index’s position.
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.