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  • The dollar index has rallied 0.70% on the session and outperforms most of the majors.
  • The next resistance is at 97.07 but the market has stalled at the mean value area of the last consolidation.

Dollar index 30-minute chart

The dollar has been the outperformer of the session on Thursday, especially against the emerging market currencies. USD/MXN and USDZAR are both trading over 4% higher but the EUR has held up better and it makes up around 60% of the dollar index basket.

The chart below shows the extent of today’s rally with the market making a few higher lows and higher highs. The next zone up is between 97.07 and 97.18, a break of this level could confirm that the price could reach higher levels.

The Relative Strength Index is firmly in the overbought zone and it looks like it might be pulling back at the moment. The MACD signal lines are in a separation phase and the histogram is also firmly in the green. 

Dollar index

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