These figures are crucial for gauging the US economy’s resilience and could influence Federal Reserve policy directions moving forward.
The Dollar Index’s has witnessed a modest uptick, climbing by 0.26% to stand at 103.667, signaling bullish momentum as it surpasses the pivot point of 103.536. The immediate resistance levels are positioned at 104.008, 104.304, and 104.595, potentially capping further gains.
On the downside, support is found at 103.269, 102.941, and 102.711, which are crucial for maintaining the dollar’s upward trajectory.
The 50-day and 200-day Exponential Moving Averages, at 103.60 and 103.40 respectively, provide a tight range, indicating a possible breakout from the downward trendline.
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.