DXY Struggles Below Key Resistance, Bears Take Control
The US Dollar Index (DXY) is trading around 98.14, facing strong resistance near 98.33, which is the 0.618 Fibonacci retracement level. This zone has capped any further upside, keeping the Dollar under pressure.
Technical indicators show signs of caution. The RSI points to hidden bearish divergence, suggesting that the recent bounce may not last. Price action remains within a broader downtrend, and repeated failures to stay above 98.30 indicate that bullish momentum is fading.
Immediate support for DXY is seen near 98.00. If this level breaks, the Dollar could slide further toward 97.79, followed by 97.50, which may attract additional selling pressure.
On the upside, a clear break above 98.33–98.70 is needed to shift the intraday outlook back to bullish, targeting 99.08.
For today, the bias leans bearish. Traders are likely looking for short opportunities on rejection near resistance levels, with lower supports as potential targets.
Impact:
The DXY might remain under pressure if it stays below 98.30. A breakout above resistance could revive bullish sentiment, but intraday bears are in control for now.
