- The FOMC minutes didn’t provide the volatility needed to free DXY from its current tiny range.
- “Participants generally agreed that a patient approach to determining future adjustments to the target range for the federal funds rate remained appropriate” said the minutes from the Federal Reserve Bank.
- The US Dollar Index (DXY) keeps its bullish bias as it is stuck below the 98.10 resistance.
DXY daily chart
The US Dollar Index (DXY) is trading in a bull trend above its main simple moving averages (SMAs) while it has been consolidating its gains for the last two sessions.
DXY 4-hour chart
The greenback is trading above its main SMAs suggesting bullish momentum in the near term. The market is momentarily having difficulty to climb above the 98.10 resistance.
DXY 30-minute chart
DXY is trading above its main SMAs suggesting bullish momentum in the near term. Bulls need a breakout above 98.10 to open the gates to 98.34, the current 2019 high. Immediate support can be seen at 97.83 and 97.77 followed by 97.44, May 16 low.
Additional key levels