The US Dollar Index (DXY) is trading float on Tuesday, with some risk-off out of Europe supporting the Greenback. Expect not to see any big waves ahead of the US Opening Bell as markets are starting to struggle with how to price the possible outcome from the French snap elections on Sunday. Traders will also be looking for NVidia to see how it behaves and if it can end its recent correction.
On the upside, the first level to watch is 105.88, which triggered a rejection at the start of May and on Friday last week. Further up, the biggest challenge remains at 106.52, the year-to-date high from April 16. A rally to 107.20, a level not seen since 2023, would need to be driven by a surprise uptick in the US inflation or a sudden hawkish shift from the Fed.
On the downside, 105.52 is the first support ahead of a trifecta of Simple Moving Averages (SMA). First is the 55-day SMA at 105.23, safeguarding the 105.00 round figure. A touch lower, near 104.66 and 104.48, both the 100-day and the 200-day SMA form a double layer of protection to support any declines. Should this area be broken, look for 104.00 to salvage the situation.
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