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Dollar Index heads toward resistance after hawkish Fed rally
The Dollar Index closed near 101.03 and is now eyeing a 101.80 to 102.86 resistance cluster tied to levels from past declines.
The Dollar Index closed near 101.03 after a broad rally driven by rising US yields and increasingly hawkish Fed expectations, according to Action Forex.
The outlet says the currency is shifting from moving out of support to approaching a “genuine resistance” zone at 101.80 to 102.86, with 101.80 identified as horizontal resistance.
Action Forex added that clearing the 101.80 to 102.86 area likely depends on the 10-year Treasury yield, rather than the already-stretched 2-year, to extend the underlying rates-driven move.
Latest closeDollar index 101.03 ▼0.2%