💵 DOLLAR_INDX, H4 💵 25 March 2024
The Dollar Index continued its upward trajectory for a second consecutive week, bolstered by the robust performance of the US economy and heightened expectations of interest rate hikes. The potential yield disparity between the US Dollar and other major currencies remained a significant driver, underpinning the greenback's strength. Moreover, the Fed's upward revision of economic growth forecasts for the United States instilled confidence among investors, further reinforcing positive sentiment towards the US economic outlook.
The Dollar Index is trading higher while currently testing the resistance level. Suggesting the index might enter overbought territory.
Resistance level: 104.45, 104.95📉
Support level:104.00, 103.65📈
The Dollar Index continued its upward trajectory for a second consecutive week, bolstered by the robust performance of the US economy and heightened expectations of interest rate hikes. The potential yield disparity between the US Dollar and other major currencies remained a significant driver, underpinning the greenback's strength. Moreover, the Fed's upward revision of economic growth forecasts for the United States instilled confidence among investors, further reinforcing positive sentiment towards the US economic outlook.
The Dollar Index is trading higher while currently testing the resistance level. Suggesting the index might enter overbought territory.
Resistance level: 104.45, 104.95📉
Support level:104.00, 103.65📈