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Extra range bound on the cards

October 20, 2023| Forex Market


  • DXY alternates gains with losses in the low-106.00s.
  • Extra consolidation appears in store in the very near term.

DXY trades in an inconclusive fashion around the 106.20-106.30 band at the end of the week.

It seems the index has moved into a consolidative phase for the time being. Occasional bullish attempts, in the meantime, continue to target the weekly high of 106.78 (October 12) prior to the 2023 top of 107.34 (October 3). On the downside, the monthly low of 105.53 (October 12) is expected to hold the downside.

So far, while above the key 200-day SMA, today at 103.29, the outlook for the index is expected to remain constructive.

DXY daily chart


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