DXY Dollar Index Breaks Shorter Term Bearish Trendline
DXY Dollar Index broke the the bearish descending trend line on the H4 Chart despite mixed data. 10-year T-bond yield rises above 3.07%.
Today’s data from the United States showed that the Chicago Fed’s National Activity Index rose to 0.24 in October from 0.14 in September. “Only one of the four broad categories of indicators that make up the index increased from September, but three of the four categories made positive contributions to the index in October,” the Chicago Fed said in the publication. Later in the day, the monthly report published by the Federal Reserve Bank of Dallas revealed that the manufacturing activity in the region lost momentum with the headline business activity falling sharply to 17.6 to miss the analysts’ estimate of 25.
Index is being priced at 97.02 above the EMA 50 on the H4 Chart. 97.20 is the key resistance level and break above 97.20 may carry the index towards 97.50 hurdle.
Above 97.20, we may see EURUSD breaking below 1.13100 testing 1.12400, GBPUSD 1.27560 – 1.27300 region.
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