DXY dollar index: on the way to new heights – Analytics & Forecasts – 27 September 2022

As we pointed out in our Fundamental Analysis today, “the dollar’s uptrend continues, pushing the DXY to new highs on its way to 20+ year highs near 120.00, 121.00. The breakdown of yesterday’s local maximum at 114.41 will be a sign of confirmation of our hypothesis”.

In an alternative scenario, the first short-term sell signal will be a breakdown of the 113.12 short-term support level. The target is an important short-term support level 111.42. Its break, in turn, may lead to a deeper correction to the 109.40, 108.75 support levels. However, once again we note that this is an alternative and theoretically possible scenario.

Strong fundamental-based bullish momentum prevails, favoring long positions.

For now, market participants have somewhat suspended market activity in anticipation of speeches (at 11:30 GMT) by Fed and ECB officials.

A little later (at 12:30 GMT), the key report from the US Census Bureau will be released with data on orders for durable goods and capital goods (excluding defense and aviation), which implies large investments in its production (for other events this week, see The most important economic events of the week 26.09.2022 – 02.10.2022).

Support levels: 113.12, 111.42, 110.76, 109.40, 108.75, 105.00, 103.35

Resistance levels: 114.00, 114.41, 115.00

see details -> https://www.instaforex.com/ru/forex_analysis/322778/?x=PKEZZ

signs -> https://www.mql5.com/en/signals/author/edayprofit

see also “Technical Analysis and Trading Recommendations” -> https://t.me/fxrealtrading

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