Dollar index: This week we have a report about the US CPI

Dollar index chart analysis

During the Asian trading session, the dollar index received support at the 102.00 level. After that, we see a bullish impulse and growth to 102.35 levels. We are currently maintaining at that level, and we need further positive consolidation in order to start the continuation on the bullish side.

The next target is the 102.50 level, then the previous high at 102.60, Friday’s high. If we manage to break above it, the potential higher targets are 102.70 and 102.80 levels. We need a negative consolidation and a dollar pullback to the 102.00 support level for a bearish option. A break below would also drop us below the EMA50 moving average, and we would be close to testing the 101.80 previous support level. Potential lower targets are 101.70 and 101.60 levels.

The first part of this week will be quiet for the dollar index because there will be no very important news from the U.S. market. On Thursday, we will have reports on Core CPI and Regular CPI, along with Initial Jobless Claims. For Friday, we have the U.S. Producer Price Index news and GDP for the British pound, which could increase volatility on the GBPUSD pair.

The post Dollar index: This week we have a report about the US CPI appeared first on FinanceBrokerage.