The USD Index (DXY) clinched its second straight week of gains.
The USD Index clinched its second straight week of gains. An interest rate cut by the Fed in September is not ruled out. The Fed eral Reserve delivered a hawkish hold on Wednesday. The next target comes at the 2024 high around 106.50 Quite a positive week saw the Greenback reach levels last seen in early May in the 105.80 region, when tracked by the US Dollar Index at the end of the week.
On the flip side, in case bears regain some initiative, DXY is expected to meet initial contention at the key 200-day SMA of 104.46 prior to the June low of 103.99 . A deeper retracement could test the weekly low of 103.88 prior to the March bottom of 102.35 and the December low of 100.61 , all before the psychological barrier at 100.00. Overall, the bullish bias is expected to persist as long as DXY remains above the key 200-day SMA.
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