The US Dollar Index (DXY) is facing a little bit of selling pressure at the start of this week. More and more traders are trying to sell the peak in the DXY, with the idea that the Greenback could fall back to lower levels seen in the first three months of this year near 104.00-105.00. With the PCE inflation numbers right at the end of this week, some easing might be taking place until PCE could trigger a turnaround if there is an upbeat surprise.
On the upside, the fresh Tuesday’s high from last week at 106.52 is the level to beat. Further up and above the 107.00 round level, the DXY Index could meet resistance at 107.35, the October 3 high.
On the downside, the first important level is 105.88, a pivotal level (since March 2023 with the peaks from November 2023 and recent support as drivers) . Further down, 105.12 and 104.60 should also act as support ahead of the region with the 55-day and the 200-day Simple Moving Averages (SMAs) at 104.17 and 103.91, respectively
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