DXY Dollar Index Review: The US Dollar flexes its muscles again.
Chart analysis suggests a medium-term uptrend in the dollar index, signaling growing strength in the U.S. dollar. The current price range between 96 and 97 has effectively prevented further declines and has acted as a strong support and demand zone.
For any further downward move to occur, the price would first need to retest and break this zone—but only after a temporary rise and corrective upward movement, which may take some time to unfold.
Further analysis points to price stabilization in the medium term, with a potential for a sideways to upward trend developing within the 97 to 110 range.
In this scenario, three potential price targets can be outlined:
First and most probable target: 100.30 – 101.70
Second, possible target: 103.20 – 104.30
Third and final target: 107.10 – 110.10
Current price: 98.31
Stop loss: Below 95.90
