- 9th May 2020
- Posted by: Hakeem
- Category: FOREX LATEST NEWS DAILY, FOREX MARKET ANALYSIS, FUNDAMENTAL ANALYSIS
- US dollar index (DXY) ends the week in gains but lost steam below the 100.00 mark.
- Support for bulls to hold is seen near the 99.60 level.
DXY weekly chart
The US Dollar Index (DXY) end the week in gains but dropped below the 100.00 psychological mark The index is still holding above the main SMAs on the weekly time-frame suggesting bullish momentum.
DXY four-hour chart
DXY is trading below the 100.00 figure and the 100/200 SMAs as the market is losing steam. It is unclear if bulls will be able to support prices above the 99.60 level. Therefore a sustained move below this level can lead to further losses towards the 99.30 and 98.90 levels. Resistance is seen near the 100.00 and 100.40 levels.