News | Forex Optimum



US Dollar Index Price Analysis: Bulls eye 97.00 inside two-week-old rising channel

  • DXY seesaws around fresh 16-month high after two-day uptrend.
  • Bullish chart pattern, MACD conditions keep buyers hopeful.
  • Sellers remain cautious until the quote stays beyond 200-SMA.

US Dollar Index (DXY) grinds higher around the highest levels since July 2020, near 96.50 during Tuesday’s Asian session. The greenback gauge refreshed the multi-day top during the latest run-up amid firmer Treasury yields.

In doing so, the DXY remains inside a two-week-old rising channel bullish formation amid firmer MACD signals, which in turn suggests the quote’s additional upside.

It should be noted, however, that overbought RSI conditions may trigger intermediate pullbacks during the run-up to the stated channel’s upper line, close to the 97.00 threshold.

If DXY bulls keep the reins past 97.00, the June 2020 peak of 97.80 will be in focus.

Alternatively, pullback moves remain elusive until the quote stays beyond the channel’s support line of 95.95, a break of which will direct the bears towards the early November tops near 94.60.

Even so, the 200-SMA level of 94.40 acts as a tough nut to crack for the US Dollar Index bears.

DXY: Four-hour chart

Trend: Further upside expected


You may also be interested:

22:39 26.11.2021
GBP/USD steady around 1.3340 amid a risk-off market mood
The discovery of a new COVID-19 variant in South Africa that could be harder to combat spurred risk-off market mood. The British pound fell on COVID-19 new variant though ended the day in the green, up 0.09%. GBP/USD upward move caused by US dollar weakness. The British pound recovers from earlier losses during the day, despite risk-of-market sentiment clouding the financial markets due to discovering a new COVID-19 variant in South Africa. At the time of writing, the GBP/USD is trading at
21:56 26.11.2021
EUR/GBP spikes higher towards 0.8500 as markets dial down global central bank rate hike bets
EUR/GBP spiked towards 0.8500 on Friday as markets were rocked by the latest Covid-19 developments. The pair benefitted from a moderation of global central bank rate hikes. EUR/GBP saw sharp upside on the final trading day of the week, surging from close to the 0.8400 level to print session highs near 0.8500. As trade draws to a close for the week a little earlier than usual thanks to the US Thanksgiving holiday weekend, the pair is trading in the 0.8480 area with on-the-day gains of about
Bonuses VIP