The DXY continues to trade steadily higher, climbing from the 104.40 price level up to a high of 105.20 yesterday. This move higher was despite a lack of key news events, hence would be attributed primarily to a continuation of the bounce from the 104 support level.
However, overnight comments from members of the Federal Reserve indicated that US interest rates could have to increase further beyond the current terminal rates of 5.4%.
This is likely to spur the DXY toward further upside potential.
Currently trading at the 104.88 price level, the price remains above the 38.20% Fibonacci retracement level. Look for the price action to develop and indicate a potential breakout to the upside, with the immediate round number resistance level of 105 as the first trigger level.
However, overnight comments from members of the Federal Reserve indicated that US interest rates could have to increase further beyond the current terminal rates of 5.4%.
This is likely to spur the DXY toward further upside potential.
Currently trading at the 104.88 price level, the price remains above the 38.20% Fibonacci retracement level. Look for the price action to develop and indicate a potential breakout to the upside, with the immediate round number resistance level of 105 as the first trigger level.
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