US Dollar firms as traders add to bets on a potential Trump victory

📆 10/16/2024 6:36 AM

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📆 10/16/2024 6:36 AM
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The US Dollar (USD) extends gains on Wednesday after breaking above a very heavy resistance level in the US Dollar Index (DXY).

The US Dollar gets propped up and flirts with a fresh two-month high. Traders are adding to more bets on a Trump win for a second day in a row. The US Dollar Index breaks above a key level on its way to 104.00. The US Dollar extends gains on Wednesday after breaking above a very heavy resistance level in the US Dollar Index .

After that, there is a small gap before hitting the pivotal level at 103.99 and the 104.00 big figure. Should Trump start to further lead in the polls, a rapid swing up to 105.00 with 105.53 as first port of call could be on the cards. On the downside, the 100-day SMA at 103.21 together with the pivotal level at 103.18 is now acting as support and should avoid the DXY from falling lower. With the Relative Strength Index near overbought territory, a test on this level looks granted.

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