There’s much speculation around whether the recent strength in the US Dollar is waning or whether it is poised to move even higher.
The US Dollar Index continues to work higher toward its high of the year registered in March. The near-term bias remains bullish as it approached resistance at 100.785.
On any pullback, there is support at 98.425. While above this level, the index is well positioned to challenge the highs.
If a decline were to breach 98.45, this would negate the bullish bias and target further pullback to lower support established at 96.650 – 97.445 and/or 95.015 – 95.945.
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