DXY

DXY continued its recent strong gains yesterday and closed the day at 104,500. DXY started the new day on a slight sell-off. DXY seems intent on retesting the February high of 105.00 as the Fed is not expected to cut interest rates by 75 basis points this year. Despite the focus on central bank expectations, broader dollar gains are slightly ahead of interest rate changes. Technically, the 200-day moving average of 103.980 - 103.650 stands out as a support area in the short term. If this range is broken, the pullback to the 50-day moving average of 103.370 may continue. On increases, the 100-day moving average of 104.650 and 105.080 levels can be followed as resistance points. Support: 103,980-103,650 Resistance: 104,650-105,080