💵 DOLLAR_INDX, H4 💵 20 March 2024
Following the yen's selloff, investors sought refuge in the safe-haven dollar, resulting in positive gains. With a flurry of central bank decisions dominating currency markets, particularly the Federal Reserve's upcoming announcement, market focus remains keenly on potential interest rate adjustments and monetary policy statements. Expectations lean towards the Fed maintaining its current interest rate range of 5.25% to 5.50%, while closely monitoring the bank's guidance for future actions.
The Dollar Index is trading higher following the prior breakout above the previous resistance level. Suggesting the index might experience technical correction.
Resistance level: 104.45, 104.95📉
Support level:103.70, 103.05📈
Following the yen's selloff, investors sought refuge in the safe-haven dollar, resulting in positive gains. With a flurry of central bank decisions dominating currency markets, particularly the Federal Reserve's upcoming announcement, market focus remains keenly on potential interest rate adjustments and monetary policy statements. Expectations lean towards the Fed maintaining its current interest rate range of 5.25% to 5.50%, while closely monitoring the bank's guidance for future actions.
The Dollar Index is trading higher following the prior breakout above the previous resistance level. Suggesting the index might experience technical correction.
Resistance level: 104.45, 104.95📉
Support level:103.70, 103.05📈