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  • DXY (US Dollar Index) clings to daily gains as the Euro gets slammed by ECB’s Olli Rehn.
  • The next bull targets on the way up can be located at 98.10 and the 98.38 levels.

DXY daily chart

DXY (US Dollar Index) is evolving in a bull trend above its main daily simple moving averages (DSMAs). DXY got a boost as the European Central Bank’s (ECB) member Olli Rehn said that ECB stimulus package in September may beat expectations. Earlier in the early part of the New York session, the Retail Sales Control Group in July surpassed expectations adding to the positive sentiment on the Greenback.

DXY 4-hour chart

The market is settling above the 98.10 level while above its main SMAs. DXY bulls could drive the market towards the 98.38 resistance, before a potential run to the 98.68 and the 98.93 levels.  

DXY 30-minute chart

The buying pressure is keeping the Greenback near daily highs. Immediate support could be found near the 98.10, 97.95 and 97.85 levels.

Additional key levels