US Dollar Technical Outlook: DXY Bulls Meet Resistance at Yearly Highs
The U.S. Dollar has held firm despite fading Fed hike bets, but Friday’s payrolls could test the rally’s staying power.
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US Dollar Technical Outlook: DXY Multi-Timeframe Analysis
The U.S. Dollar Index is testing resistance where its 2024 swing highs meet this year's uptrend, with weekly momentum at its highest of the year. Michael Boutros, StoneX Senior Market Analyst, walks through a multi-timeframe technical view of the U.S. dollar, from the weekly chart down to the four-hour chart. Daily and four-hour momentum sit deep in overbought territory, while weekly momentum presses the top of the range it has held all year. U.S. nonfarm payrolls are the next major event risk, and Fed funds futures pricing for the Federal Reserve's remaining decisions has shifted after softer PCE inflation data.
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--- Written by Michael Boutros, Senior Technical Strategist
Follow Michael on X @MBForex
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