Connect with us

Hi, what are you looking for?

Economy

The dollar index remains steady above the 104.00 level

A comparison of base currency vs quote currency

The dollar index remains steady above the 104.00 level

  • During the Asian trading session, the dollar index was successfully maintained above the 104.00 level.

Dollar index chart analysis

During the Asian trading session, the dollar index was successfully maintained above the 104.00 level. At the EU session’s opening, we jumped to 104.20 levels. We stop at that level and pull back to 104.00 again, looking for support for a new bullish impulse and breaking above the 104.20 level. Last week, the high of the dollar index was at the 104.26 level; if today we were successful above 104.20, we will definitely see a jump above last week’s high.

Potential higher targets are 104.30 and 104.40 levels. We need a pullback below the support at the 104.00 level for a bearish option. This would open the door for the formation of a new daily low. The first subsequent support is the 103.80 level, along with the EMA50 moving average. A break below leads to the formation of a new low, and thus, we get confirmation of the bearish option. Potential lower targets are 103.70 and 103.60 levels.

Dollar index chart analysis

This week, the focus is on central bank decisions

Tomorrow, before the central banks, we expect data on US monthly and annual inflation, as well as data on core inflation. On Wednesday, the most important news is the FED’s decision on the future interest rate. Expectations are that the interest rate will remain at the same level. In addition to the FED, we have British and New Zealand GDP on Wednesday.

On Thursday, the focus is on banks from European soil. At the start, first the SNB bank, then the Bank of England and the ECB. All three banks will present their projections of their future interest rates. Economists estimate that interest rates will remain the same as before and that there should not be any surprises.

The post The dollar index remains steady above the 104.00 level appeared first on FinanceBrokerage.

You May Also Like

Economy

How can Forex crash? Forex market crash history Fact that the Forex is one of the most volatile and most profitable markets in the...

Editor's Pick

As decentralized naming systems gain traction, Ethereum Name Service has seen ENS price double, leaving some FOMO investors asking is it too late to...

Editor's Pick

Colorado-based pastor Eligio “Eli” Regalado and his wife, Kaitlyn, are facing legal action after allegedly defrauding investors of millions of dollars through the sale...

Stock

Enthusiasm is needed to drive an uptrend, but sometimes enthusiasm can go too far. That is why technical analysts like to use various sentiment...

Disclaimer: happyretirementstories.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2024 happyretirementstories.com