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    Home ยป The dollar index remains under pressure on Monday at 102.70
    Financial Market

    The dollar index remains under pressure on Monday at 102.70

    ZEMS BLOGBy ZEMS BLOGMarch 12, 2024No Comments2 Mins Read
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    • The dollar index fell to 102.35 on Friday.

    Analysis of the dollar index chart

    The dollar index fell to 102.35 on Friday. However this fall, we returned to our position from January. We stayed above this level on Friday and returned to 102.75, where we closed the previous trading week. During the Asian trading session, the index remained stable and moved in the range of 102.65-102.75.

    We expect to see a more tangible step in the American session that may show the future direction of the dollar. By moving above 102.80, we have the opportunity to start a bullish consolidation and test the 50 moving average in the area around the 102.85 level. By breaking above that, the dollar will be significantly out of the uncomfortable zone and will have the opportunity to go to war again at higher levels. Possible higher targets are 103.00 and 103.20 levels.

    Analysis of the dollar index chart

    The dollar is quiet on Monday

    It could shake the dollar index and increase market volatility. We need negative consolidation and the indicator to fall below the 102.60 level for a bearish option. After that, we again tilt to the downside and form a new daily low. This confirms that the dollar does not have the strength to recover and we will witness a decline. Possible lower targets are 102.50 and 102.40 levels.

    Tomorrow morning, German inflation data will be announced. Then, half an hour before the US market opens, US inflation data will be published. Inflation is expected to remain at the same level as a month ago. On Wednesday, the British will announce January's GDP. For Thursday, we highlight the Producer Price Index, Retail Sales and Initial Jobless Claims report.



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