Home US Dollar Index Technical Analysis: The greenback needs the Fed to clinch 2019 highs

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US Dollar Index Technical Analysis: The greenback needs the Fed to clinch 2019 highs

FX Street

Updated: 31 Jul. 2019 | 09:57

The greenback is facing some headwinds in 2-month tops around 98.20, while it is expected to hold on in the 98.00 area ahead of the Fed decision on rates later today.
A positive surprise at today’s FOMC event should lift DXY to new YTD highs beyond 98.40 ahead of May 2017 high at 99.89.
Further out, the positive stance on DXY is seen unchanged while above the critical 200-day SMA, today at 96.889. This area of contention is also reinforced by the multi-month support line at 97.06.

DXY daily chart

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