Chart analysis suggests a medium-term uptrend in the dollar index, signaling growing strength in the U.S. dollar. The current price range between 96 and 97 has effectively prevented further declines and has acted as a strong support and demand zone.
For any further downward move to occur, the price would first need to retest and break this zone—but only after a temporary rise and corrective upward movement, which may take some time to unfold.
Further analysis points to price stabilization in the medium term, with a potential for a sideways to upward trend developing within the 97 to 110 range.
In this scenario, three potential price targets can be outlined:
First and most probable target: 100.30 – 101.70
Second, possible target: 103.20 – 104.30
Third and final target: 107.10 – 110.10
Current price: 98.31
Stop loss: Below 95.90
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.