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The dollar index is putting pressure on 104.00 on Monday

The dollar index is putting pressure on 104.00 on Monday

During the Asian session, we watched the dollar index pull back to 103.89 levels.

Dollar index chart analysis

During the Asian session, we watched the dollar index pull back to 103.89 levels. In this way, the dollar fell to a new seven-day low, breaking the support from last week at the 104.00 level. Soon after, the dollar recovers and returns to the 104.18 level.

It also receives support from the EMA200 moving average, which, for now, does not allow the dollar to slip below it. Based on that, we expect the dollar to move above 104.20 and start a further recovery.

Potential higher targets are 104.30 and 104.40 levels. We need a drop below the EMA200 and 103.90 levels for a bearish option. A new low at 103.80 could indicate that the dollar is under more pressure and is turning to the bearish side.

Monday is always unpredictable, and this movement can be a trick of the dollar if it does not consolidate. Potential low targets are 103.70 and 103.60 levels.

US inflation news could shake up the dollar index.

This week marks the new year in China. The Hong Kong Stock Exchange will be closed, and there will be less market volatility than usual in the Asian session. On Tuesday, we have important news for the dollar: US inflation data will be released: standard CPI and Core CPI data. There is expected to be a decrease in inflation for the January period.

On Wednesday, the UK will publish its inflation data for January. On Thursday, we first have the Japanese and UK GDP for the fourth quarter. Then, in the US session, the Philadelphia Fed Manufacturing Index, Initial Jobless Claims, Retail Sales and Core Retail Sales. And finally, on Friday, the US Producer Price Index (PPI).

The post The dollar index is putting pressure on 104.00 on Monday appeared first on FinanceBrokerage.

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