US Dollar Index Price Forecast: Needs a decisive move above 100.56 for fresh upside leg
The US Dollar (USD) holds onto previous day’s gains on Tuesday, with the US Dollar Index (DXY) trading firmly around 100.40.
The US Dollar Index (DXY) currently stands at 100.40, indicating a bullish near-term trend after surpassing the 100.00 handle. Investors will closely monitor the outcomes of the President Trump's meetings with Gulf and Iranian leaders, as well as the upcoming summit between Chinese President Xi Jinping and US President Trump. The Federal Reserve is anticipated to raise interest rates again this year to combat high inflation, with Federal Reserve officials signaling that factors beyond oil prices contribute to the issue.
The Relative Strength Index (RSI) at 63.49 suggests strong upside momentum, while the 20-day EMA at 99.71 acts as a key support level. A decisive break above the 100.56 level could propel the DXY towards 101.00.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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