Dollar Index surge aims at 2020 highs

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Source: Dukascopy Bank SA


The surge of the US Dollar, which was caused by the Federal Reserve announcing incoming monetary tightening, has passed 2021 high levels. Due to that reason a review of the chart has been conducted. The index is located in the borders of a large scale channel up pattern since June 2021. In addition, various 2020 high levels could act as resistance.

The next target for the surge could be the resistance of the June 2020 high level at 97.8170. Above that level, the upper trend line of the channel up pattern might stop the index. Meanwhile, note that round index levels are capable of acting as resistance.

On the other hand, a potential decline of the US Dollar might look for support in the late 2021 high level zone at 97.00. Below the 97.00 mark, note the 50-day simple moving average near 96.10.

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