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Dollar bulls in control: DXY poised to reach 108.00 soon

By: Invezz

September 25, 2023 at 11:21 AM EDT

DXY trading strategy

Buy/sell asset: Buy DXY
Entry price: 105.400
Stop loss: 104.887
Take profit: 108.000
Timeframe: 1-4 weeks
Maximum profit: 7.5%
Maximum loss: 1.50%

Dollar index chart and technical analysis

The dollar index is making a strong bullish recovery and is breaking above all major resistance and supply levels. Price recently broke above the major resistance level of 105.794 and will most likely reach the 108.00 supply area in the coming weeks.

The price will most probably make a correction and will retest the 105.400 minor support level and bullish order block before heading for a new high.

Overall bulls are in control and the upward rally is very steep. Price will possibly very soon retest the 108.00 resistance level and beyond.

DXY fundamental analysis

There is no major high-impact news on USD except monthly jobless claims which will not impact DXY significantly.

The dollar rally is mainly fueled by the faltering growth prospects in China and Europe. USD is considered a safe haven amidst the economic crisis.

DXY trade idea takeaways

The dollar index is making new higher highs and will continue its rally in the coming weeks and possibly months.
Price will possibly retest the 105.400 support level before making a new high.
The Next potential target for the dollar index is 108.00.
Good luck!

The post Dollar bulls in control: DXY poised to reach 108.00 soon appeared first on Invezz.

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