DXY is approaching resistance.
If
DXY
breaks past resistance and USDKRW breaks past resistance, we could be seeing levels from 2022 return 1439.
It is imperative for us to monitor the green upward sloping line of resistance.
If we fail to close the month above this green upward line of sloping resistance (12 days left) we will likely see a correction back to 1330 - 1342 levels.
There are alot of global factors at play determining the strength of the $DXY.
If inflation does not decelerate in the US, and the FED continues to hold interest rates steady, then we will likely see a very strong DOLLAR and contrastingly see a very weak WON.
If global conditions stabilize, markets correct in a timely fashion, and raw materials prices decrease, then the WON may gain strength on the DOLLAR, as this would be a strong indication for oncoming rate cuts in the US.
If
DXY
breaks past resistance and USDKRW breaks past resistance, we could be seeing levels from 2022 return 1439. It is imperative for us to monitor the green upward sloping line of resistance.
If we fail to close the month above this green upward line of sloping resistance (12 days left) we will likely see a correction back to 1330 - 1342 levels.
There are alot of global factors at play determining the strength of the $DXY.
If inflation does not decelerate in the US, and the FED continues to hold interest rates steady, then we will likely see a very strong DOLLAR and contrastingly see a very weak WON.
If global conditions stabilize, markets correct in a timely fashion, and raw materials prices decrease, then the WON may gain strength on the DOLLAR, as this would be a strong indication for oncoming rate cuts in the US.