With economic uncertainty continuing to grip the financial markets, the US Dollar continues to be in play. As global investors flock to US assets, both stocks and bonds, in search of above average returns and safety, the US Dollar continues to strengthen against its G10 and EM counterparts.
As this trend continues, a key level to watch for the Greenback is its Weekly Resistance Level of $98.19 (Orange). If the US Dollar can breach this level, we expect the Greenback to move higher.
As this trend continues, a key level to watch for the Greenback is its Weekly Resistance Level of $98.19 (Orange). If the US Dollar can breach this level, we expect the Greenback to move higher.
Comment:
$DXY continues to advance higher, as it breached its Monthly Support Resistance Level of $98.95 (Blue).
It appears that this level has now turned into a support, as prices have now begun to fluctuate around this level.
If the $DXY can hold this level as a support, $100 could be its next stop.
It appears that this level has now turned into a support, as prices have now begun to fluctuate around this level.
If the $DXY can hold this level as a support, $100 could be its next stop.
Investors should (continue) to watch this space.