US Dollar Index Technical Analysis: Setting sail back to 104
The US Dollar Index (DXY), which gauges the value of the Greenback against a basket of foreign currencies, trades a touch softer nearing 104.00. The projected easing in the Greenback is taking place as investors look for an equilibrium between the dovish Fed and the rather challenging markets on that possible outcome. The truth will probably be somewhere in the middle, which means the DXY could retreat a few points to challenge 104.00 and snap below this barrier by the end of the week.
The DXY is still eyeballing a pivotal level near 104.60, where last week’s rally peaked. Further up, 104.96 remains the first level in sight. Once above there, the peak at 104.97 from February comes into play ahead of the 105.00 region, with 105.12 as the first resistance.
Support from the 200-day Simple Moving Average (SMA) at 103.73, the 100-day SMA at 103.49, and the 55-day SMA at 103.64 are getting a fresh chance to show their importance. The 103.00 big figure looks to remain unchallenged for now after the decline after the Fed meeting last week got turned around way before reaching it
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