Connect with us

Hi, what are you looking for?

Oracle of  Omaha SaysOracle of  Omaha Says

Investing

The dollar index could continue to recover this week

The dollar index could continue to recover this week

During this morning’s Asian trading session, the dollar index rose to 101.79

Dollar index chart analysis

During this morning’s Asian trading session, the dollar index rose to 101.79. We stopped there, and the index started a slight retreat with support at the 101.60 level. We have received the required support and now see a small break to 101.65. Today is a holiday in the United States—Labor Day. The market will be closed, and volatility will be at a minimum.

Based on this, we can expect a sideways movement of the dollar index without major movements. The movement range is 101.60-101.80. For a bearish scenario, we need the formation of a new low below the 101.60 level. This will form a new daily low and confirm that the index is under pressure. Potential lower targets are the 101.50 and 101.40 levels. At 101.40, we hope for support from the EMA 200 moving average.

 

The index is solid on Monday, and we expect a continuation to the bullish side

The dollar index’s inability to maintain above that line will strengthen the bearish momentum. For a bullish option, we need a break above the 101.80 level. With this, we climb to a new daily high and strengthen the bullish momentum. That would return us to the previous bullish trend and increase optimism for a continuation on the bullish side. Potential higher targets are the 101.90 and 102.00 levels.

As we said, today is Labor Day, a holiday in the United States. The market will be closed in the afternoon. Only tomorrow can we expect an increase in market volatility. We have some important news for the dollar index on Tuesday: S&P Global US Manufacturing PMI, ISM Manufacturing PMI, and ISM Manufacturing Prices. We will single out only news about Swiss inflation and GDP from today’s EU session. That news could be interesting because, based on the published data, we can sense an irregular move by the Swiss central bank.

 

The post The dollar index could continue to recover this week appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    A former Republican legislative candidate who traveled to Washington for former President Donald Trump’s ‘Stop the Steal’ rally was arrested Friday and charged with...

    Latest News

    Abbe Lowell, Hunter Biden’s attorney, filed an ethics complaint Friday against Georgia Rep. Marjorie Taylor Green after she displayed censured nude photos of the president’s...

    Stock

    Even as U.S. inflation broadly cools, frozen vegetable prices are hot. The average shelf price for frozen veggies rose by 18% in the past year...

    Latest News

    President Biden has overruled the Pentagon and chosen Adm. Lisa Franchetti to lead the Navy, making her the first woman, if she’s confirmed, to...