US Dollar Index: DXY Bull Flag Takes Shape
The US Dollar Index struggles to retain the rebound from last week’s low (105.41), but DXY may attempt to further retrace the decline from the November high (107.11) as a bull-flag formation takes shape.
DXY Outlook
DXY appears to be stuck in a narrow range after pushing the Relative Strength Index (RSI) into overbought territory for the first time in 2024, and lack of momentum to hold above 105.80 (61.8% Fibonacci extension) may push the US Dollar index back towards 105.00 (23.6% Fibonacci extension).
Next area of interest comes in around the monthly low (103.88), but a bull-flag formation may unfold if DXY pushes above last week’s high (106.40).
In turn, DXY may track the positive slope in the 50-Day SMA (104.42), with a breach above 107.20 (38.2% Fibonacci extension) bringing the 2023 high (107.35) on the radar.
--- Written by David Song, Strategist at FOREX.com
DXY Outlook
DXY appears to be stuck in a narrow range after pushing the Relative Strength Index (RSI) into overbought territory for the first time in 2024, and lack of momentum to hold above 105.80 (61.8% Fibonacci extension) may push the US Dollar index back towards 105.00 (23.6% Fibonacci extension).
Next area of interest comes in around the monthly low (103.88), but a bull-flag formation may unfold if DXY pushes above last week’s high (106.40).
In turn, DXY may track the positive slope in the 50-Day SMA (104.42), with a breach above 107.20 (38.2% Fibonacci extension) bringing the 2023 high (107.35) on the radar.
--- Written by David Song, Strategist at FOREX.com
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