💵 DOLLAR_INDX, H4 💵 18 March 2024
The Dollar index strengthened against major currencies in anticipation of the Federal Open Market Committee's (FOMC) monetary policy decisions. Last week's higher-than-expected US producer and consumer price indexes raised hopes for a hawkish stance from the Federal Reserve. All eyes are on the Fed meeting for clues on the central bank's outlook for rate cuts.
The Dollar Index is trading higher following the prior breakout above the previous resistance level. Suggesting the index might enter overbought territory.
Resistance level: 103.75, 104.50📉
Support level:103.05, 102.40📈
The Dollar index strengthened against major currencies in anticipation of the Federal Open Market Committee's (FOMC) monetary policy decisions. Last week's higher-than-expected US producer and consumer price indexes raised hopes for a hawkish stance from the Federal Reserve. All eyes are on the Fed meeting for clues on the central bank's outlook for rate cuts.
The Dollar Index is trading higher following the prior breakout above the previous resistance level. Suggesting the index might enter overbought territory.
Resistance level: 103.75, 104.50📉
Support level:103.05, 102.40📈