The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, is further stabilising and trying to recover further towards levels seen last week before US President Donald Trump’s inauguration.
The US Dollar stabilizes further on Thursday with traders bracing for US data. US President Trump is set to speak at the World Economic Forum in Davos. The US Dollar Index is back above 108.00, though faces some mild selling pressure again. The US Dollar Index , which tracks the Greenback’s value against six major currencies, is further stabilising and trying to recover further towards levels seen last week before US President Donald Trump’s inauguration.
Further up, the next big upside level to hit before advancing further remains at 110.79 . Once beyond there, it is quite a stretch to 113.91, a double top from October 2022. On the downside, the first area to watch is 107.80-107.90, which held this week’s correction. Further down, the convergence of the high of October 3, 2023, and the 55-day Simple Moving Average around 107.50 should act as a double safety feature to catch any falling knives.
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