Forex
US Dollar Index Struggles with Resistance Levels Amid Rebound
The US Dollar Index (DXY) has rebounded slightly to $99.02, up from $98.55 on the 2-hour chart, but still remains below both the 100-EMA at $99.22 and the 50-EMA at $99.02.
According to the Relative Strength Index (RSI), the short-term rebound is a recovery from oversold conditions, with an RSI reading of 55 indicating neutral territory.
The DXY has resistance levels at $99.13, $99.27, and further above at $99.38 and $99.71.
Until the DXY breaks above these resistance levels, the overall downtrend will remain intact.