US dollar index firmer, eyes on 50-DMA

Dhwani Mehta FXStreet

The US dollar index (DXY), which measures greenback’s value against a basket of six major currencies, staged a solid pullback from the overnight retreat, and now clinches fresh highs beyond 101 handle.

Renewed buying interest seen behind the greenback across the board in the Asian hours can be mainly attributed to the rebound in the US treasury yields, as investors gear up for a series of speeches from the Fed policymakers up on the sleeves today and in the week ahead.

While FOMC Feb meeting minutes due Wednesday is also highly anticipated for fresh hints on the Fed rate hike outlook, especially after Yellen’s hawkish testimony.

At the time of writing, the USD index advances +0.30% to trade near 4-day tops of 101.24, while the 2-year treasury yields, which mimics the interest rates expectations, rallies +1.40% to 1.215%

DXY Technical levels

Resistance levels are seen at 101.36 (50-DMA), 101.50 (psychological levels) and 101.71 (Jan 16 & 19 high). On the opposite direction, support might be located at 100.50/55 (Feb 10 & 13 low), 100.00 (psychological/ Feb 9 low) and 99.45 (Feb 3 low).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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