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Dollar index DXY: the next milestone of 110.00 is almost taken. What's next?

2 September 2022, 13:02

Yuri Papshev

129

As we noted in our today's "Fundamental Analysis", "if the monthly report of the US Department of Labor expected today at 12:30 (GMT) with data on the main indicators of the country's labor market for August also meets market expectations and comes out with strong indicators, then a breakdown of the local level resistance at 110.00 will be "an easy walk north" for the DXY. The next target for DXY will be the local resistance level and another “round” mark of 111.00.”

In an alternative scenario, and after the breakdown of the short-term support level 109.18, the decline may continue to the support level 108.65. And - to the support levels 108.00, 107.28, if today's report of the US Department of Labor turns out to be very disappointing (for more details, see The most important economic events of the week 08/29/2022 - 09/04/2022).

Support levels: 109.18, 108.65, 107.28, 106.75, 103.50, 102.00

Resistance levels: 110.00, 111.00