The Dollar Index today demonstrated modest gains, climbing 0.14% to a level of 106.409. It is currently trading above its pivotal mark at $105.823, which suggests a potential continuation of the upward momentum. Immediate resistance is anticipated at $106.654, with further ceilings at $107.365 and $108.087.
On the flip side, should the index retreat, it might encounter substantial support at $105.136, with additional lower barriers at $103.967 and $103.184. The 50-day and 200-day Exponential Moving Averages, positioned at $105.230 and $104.367 respectively, underpin the bullish sentiment.
Holding above $105.823 could sustain the uptrend, while a descent below this level might signal a shift towards a selling trend.
Arslan is a finance MBA and also holds an MPhil degree in behavioral finance. An expert in financial analysis and investor psychology, Arslan uses his academic background to bring valuable insights about market sentiment and whether instruments are likely to be overbought or oversold.