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Monday, June 5, 2023

The dollar index continues to move sideways

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The dollar index continues to move sideways

  • For the fourth day in a row, the dollar index moves in the same range of 101.60-102.20. 

Dollar index chart analysis

For the fourth day in a row, the dollar index moves in the same range of 101.60-102.20. During the Asian session, the DXY recovered above the 101.80 level. As the EU session began, the index jumped to the 102.05 level. We were up there for a short time because a new pullback to the 101.85 level followed. The dollar has support at this level and could trigger a new bullish impulse. We need to jump to the 102.10-102.15 zone and hold up there if we plan to see a continuation to the bullish side. Potential higher targets are 102.25 and 102.30 levels. We need negative consolidation and new pressure on the 101.80 level for a bearish option. A DXY breakout below would drop us to a test of lower support in the 101.65-101.70 zone. And if we don’t get support there either, the index could then make a deeper retreat and form a new low.

Dollar index chart analysis

 

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