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US Dollar Technical Forecast: USD Lacks Conviction as Resistance Nears

US Dollar Technical Forecast: USD Lacks Conviction as Resistance Nears

Paul Robinson, Strategist

USD Technical Outlook:

  • US Dollar Index (DXY) has a little room to rally before resistance
  • Low volatility brings lack of conviction in moves both higher and lower

US Dollar Technical Forecast: USD Lacks Conviction as Resistance Nears

The US Dollar as per the DXY has been somewhat strong of late and continues to look poised for higher levels in the short-run. However, given the generally low volatility and propensity for momentum to stall after short periods of trending, resistance ahead may prove too much to hurdle.

There is the high from August at 93.72 and a top-side trend-line from March that stand in the way of the DXY advancing further from here. We may see a through test develop in the days ahead, and so watching how price action behaves will be key. A turnabout in momentum may usher in a reversal.

On the flip-side, should we see a surprising uptick in momentum as resistance is reached and exceeded, then perhaps an extended run higher could develop towards the important ~94.65 area. In this scenario we will still need to closely monitor signs of stalling as new swing highs and lows have not always been able to maintain.

US Dollar (DXY) Daily Chart

US Dollar Chart

US Dollar Index (DXY) Chart by TradingView

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Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at@PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.