- DXY gained ground on Friday on the back of positive US data. The Michigan Consumer Index for April came in better-than-expected at 102.4 vs. 97.5 forecast.
- DXY is now quite close to the 2019 high at 98.34.
DXY daily chart
The US Dollar Index (DXY) is trading in a bull trend above its main simple moving averages (SMAs).
DXY 4-hour chart
The market is trading above its main SMAs suggesting bullish momentum in the near term. The 98.10 and the 98.34 resistance remain the main targets to the upside.
DXY 30-minute chart
The buck is trading above its main SMAs suggesting a bullish bias in the near term. The market is creeping higher as the bulls will try to break above the 98.00 figure next week. A break above the level should open the doors to 98.10 and 98.34, the 2019 high. Immediate support is seen at 98.83 and 98.77 followed by 97.44, Thursday’s low.