DXY Outlook 20th March 2023
Through last week, the DXY traded with significant volatility due to not only the Silicon Valley Bank (SVB) collapse but also the slowdown in US inflation growth, with US CPI being released at 6% (Previous: 6.4%).
As the downward pressure continues on the DXY, a brief retracement to the upside could be anticipated however, the 23.60 and 38.20 Fibonacci levels are likely to provide strong resistance.
Look for the DXY to possibly trade lower toward the 103.50 support level after the current retracement/consolidation. If the price breaks beyond 103.50, the next key support level is at 102.60.
Price could trade in a consolidation manner with some choppy action with the FOMC rate decision due this week (25bps rate hike expected)
As the downward pressure continues on the DXY, a brief retracement to the upside could be anticipated however, the 23.60 and 38.20 Fibonacci levels are likely to provide strong resistance.
Look for the DXY to possibly trade lower toward the 103.50 support level after the current retracement/consolidation. If the price breaks beyond 103.50, the next key support level is at 102.60.
Price could trade in a consolidation manner with some choppy action with the FOMC rate decision due this week (25bps rate hike expected)
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