US Dollar IndexLong
USDIndex is under pressure
The US dollar index broke out of a 462-day-old wedge pattern in November 2024, targeting 111.93. After triggering the pattern, it retested the breakout and resumed its upward movement. The bullish outlook remains valid as long as the price stays above 105.08.
However, in the short term, traders are watching the 107.22 level, which aligns with the December 20th low. As long as the price holds above this level, the short-term uptrend remains intact, and the index could approach 109 by the end of next week. However, a break below 107.22 could push the price down to 106.35, or even 106.
What’s your view on the dollar index?
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However, in the short term, traders are watching the 107.22 level, which aligns with the December 20th low. As long as the price holds above this level, the short-term uptrend remains intact, and the index could approach 109 by the end of next week. However, a break below 107.22 could push the price down to 106.35, or even 106.
What’s your view on the dollar index?
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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