Dollar Index Pulls Back to 99.55 Amidst Market Volatility

The US Dollar Index (DXY) pulled back from its session highs of about 99.99 to trade at around 99.55 on Friday after the release of the latest data.

Despite this pullback, the DXY trades within a sideways channel formation in the 60-minute chart, indicating that the price action is relatively stable and ranges-bound.

From a technical perspective, the bears will look to stretch the current pullback towards 99.10 or lower to 98.62, while the bulls will target rebounds at about 99.99 or higher at 100.42.

The US dollar index has plummeted to trade below its 100-hour moving average and entered oversold levels of the 14-hour RSI before making a late rebound.