The US Dollar Index (DXY), which measures the strength of the US Dollar (USD) against a basket of trade-weighted competitors, is in a long-term sideways trend which has lasted for between six months and a year.
A long-term technical analysis of the Dollar Index suggests a sideways trend. This is likely to continue until a decisive break above or below the range. The index is currently meeting resistance from the 100-week Simple Moving Average. The US Dollar Index , which measures the strength of the US Dollar against a basket of trade-weighted competitors, is in a long-term sideways trend which has lasted for between six months and a year.
The sharpness and depth of the decline suggested the possibility of a major reversal in the trend, however, DXY found support first at 100.00 and then in the 99.00s before reversing and making a recovery. Since the index found a floor in 2023 it has been oscillating between the aforementioned lows and a top at roughly 107.00. It would require a decisive break below 99.56 – the July 2023 lows – to indicate bears were back in the driving seat.
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