The Dollar Index modestly increased to 104.137, up by 0.02%. It now tests the pivot point at 103.92, suggesting potential for upward movement. Resistance levels are set at 104.42, 104.70, and 105.09, indicating possible ceilings for price advancement.
Support is identified at 103.54, 103.23, and 102.77, providing floors where buying might intensify. The 50-day and 200-day EMAs, at 103.87 and 103.81 respectively, hover near the pivot, reinforcing its significance.
The outlook remains bullish above 103.92, but falling below this critical juncture could lead to a sharp downward correction in the Dollar Index.
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.