DXY Blasts Through Highs, What's Next?

26 בספט׳ 2022

The DXY has blasted through highs, one of the only assets we cover that is benefitting from the current state of the economy and the outlook of the Fed. We have resorted to Fibonacci extensions to project the next targets. Our next target of 114.54 was hit to the tick, and as anticpated, we are pulling back a bit from this target. Support in the 113's is holding strong and the dollar is expected to continue to gain strength. There is a vacuum zone through two full handles back to 111.37, a target just a few days ago. This level now serves as a floor price in the event of a technical correction. Our next target is quite bold at 120.66.