The dollar index is breaking above the 104.00 level
- The dollar also continues to dominate this week, forming a new August high at 104.30
Dollar index chart analysis
The dollar also continues to dominate this week, forming a new August high at the 104.30 level. Yesterday, we had less instability in the dollar’s value, falling to 103.30. There, we got new support and started the previous bullish trend. During the Asian trading session dollar breaks above 104.00, pushing us to today’s high. Potential higher targets are 104.40 and 104.50 levels.
We need a negative consolidation and a pullback of the dollar below the 104.00 level for a bearish option. This could be the first sign of a potential decline in the dollar index. Potential lower targets are 103.80 and 103.60 levels. We would get additional support in the zone around 103.50 in the EMA50 moving average, which was our support throughout August.
Later in the US session, we will have a report by Fed Chairman Jerome Powell on future monetary policy moves, interest rates, inflation rates, etc. Next week, we are expecting the US GDP news and the NFP report.
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