US Dollar Index Price Forecast: Hawkish Fed pricing backs more upside above 102.20
The US Dollar (USD) trades marginally lower on Friday ahead of the United States (US) Nonfarm Payrolls (NFP) data for September at 12:30 GMT.
The US Dollar Index (DXY) trades at 101.88, hovering near its over-a-year high of 102.20. The index is buoyed by the expectation of more rate hikes from the Federal Reserve (Fed), driven by a resilient U.S. economic backdrop. Traders are bullish, with the US Dollar Index holding above the 20-day exponential moving average (EMA) at 100.70, signaling a bullish near-term bias.
The Relative Strength Index (14) stands at 73.18, indicating an overbought condition, suggesting the breakout may be stretched but not yet reversed. The immediate resistance lies at the fresh annual high of 102.20, with 103.03 representing a key hurdle above this level.
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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