- DXY is taking a breather unable to break above the 98.10 resistance.
- A retracement down can lead to 97.80 and 97.55 support levels.
DXY daily chart
DXY (US Dollar Index) is trading in a bull trend above the main daily simple moving averages (DSMAs). This Tuesday the market consolidated the recent gains unable to move beyond the 98.10 resistance. The FOMC on Wednesday will likely provide high volatility on the greenback.
DXY 4-hour chart
DXY is trading above its main SMAs, suggesting bullish momentum in the medium term. Bulls are losing momentum as the market has been unable to pierce through the 98.10 resistance on Monday and Tuesday. Buyers will need to break above this key level if they want to reach the 2019 high at 98.38.
DXY 30-minute chart
DXY is trading below the 50 and 100 SMAs, suggesting a pullback down in the near term. The market can potentially depreciate towards 97.80 and 97.55 support levels.