US Dollar Index (DXY) is approaching a strong support zone at 98.90–98.00, which has historically acted as a base for bullish reversals. The price is now testing the lower bound of this zone after a steady downtrend from the 101.94 high.
Key Technical Structure:
Support Zone: 98.90–98.00 (tested 3+ times)
Double Bottom Potential forming if bulls hold the zone
Upside Targets:
101.94: Key horizontal resistance
103.50: Swing high from early April
Scenarios to Watch:
🔹 Bullish Rebound:
Price bounces off 98.90–98.00 support
Confirmation: Break and close above 100.50 near-term resistance
Could fuel move back to 101.94, possibly 103.50
🔹 Bearish Breakdown:
Daily close below 98.00 would invalidate bullish setup
Opens downside to 97.00 and even 95.50
Macro Drivers to Watch:
FOMC speakers and interest rate guidance
US jobless claims or inflation surprise
Risk-off sentiment (benefits USD) vs. continued global risk appetite
Conclusion:
DXY is trading at a make-or-break support zone. Watch for clear bullish reaction or bearish breakdown before committing. The setup favors a bounce unless 98.00 fails.
Key Technical Structure:
Support Zone: 98.90–98.00 (tested 3+ times)
Double Bottom Potential forming if bulls hold the zone
Upside Targets:
101.94: Key horizontal resistance
103.50: Swing high from early April
Scenarios to Watch:
🔹 Bullish Rebound:
Price bounces off 98.90–98.00 support
Confirmation: Break and close above 100.50 near-term resistance
Could fuel move back to 101.94, possibly 103.50
🔹 Bearish Breakdown:
Daily close below 98.00 would invalidate bullish setup
Opens downside to 97.00 and even 95.50
Macro Drivers to Watch:
FOMC speakers and interest rate guidance
US jobless claims or inflation surprise
Risk-off sentiment (benefits USD) vs. continued global risk appetite
Conclusion:
DXY is trading at a make-or-break support zone. Watch for clear bullish reaction or bearish breakdown before committing. The setup favors a bounce unless 98.00 fails.
Note
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🥇95% Accurate Signals
♻️1-2 Daily Signals
✔️Free Daily Profitable Signals
⤵️‼️Join us on Telegram‼️⤵️
📱Telegram:➡️ t.me/ultreos_forex
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.