The DXY has struggled to sustain a break above the 102-round number resistance level after bouncing strongly from the 100.80 support level.
Despite the slowdown in inflation growth (US CPI y/y currently standing at 5%), markets anticipate another rate hike from the FOMC in May.
Recent price action has the DXY trading within a triangle with the potential for a breakout, with the next resistance level at 102.80 (the previous swing high)
However, for a sustained upward move, the price would have to trade beyond the 102.25 price level.
Despite the slowdown in inflation growth (US CPI y/y currently standing at 5%), markets anticipate another rate hike from the FOMC in May.
Recent price action has the DXY trading within a triangle with the potential for a breakout, with the next resistance level at 102.80 (the previous swing high)
However, for a sustained upward move, the price would have to trade beyond the 102.25 price level.