The US Dollar Index (DXY) is pushing higher this week, giving us the sustained break above the 102.60 level we were waiting for.
That has triggered several setups I’ve discussed in recent weeks, which we discuss in detail in today’s video.
Watch the video below and scroll down for the annotated charts and analysis.
The DXY is following through this week on a bullish bias I’ve maintained since January 2nd.
The 101.90 reclaim this year suggested a stronger dollar.
However, 102.60 was a significant hurdle for bulls, which has now flipped to support.
Wednesday’s session is struggling at 103.50, a level I’ve mentioned several times in recent weeks.
That’s the 2023 open, so it’s no surprise to see sellers defending that area today.
It will take a sustained break above 103.50 to flip it to support and expose the 104.20 region.
Remember that the dollar could offer a pullback while below that 103.50 handle.
That said, 102.60 is now a must-hold level for dollar bulls.
Watch the video above for updates on the EURUSD, USDJPY, USDCAD, and USDCHF!
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