The dollar index closes the week at the 103.50 level

Dollar index chart analysis

The dollar index continues with bullish consolidation this week as well. A new high was formed at the 103.60 level. During the Asian session, the dollar gained support at the 103.20 level and started a new bullish consolidation from there. We are currently at 103.50 and could soon expect to test the previous high. It is also possible to see a breakout above and the formation of a new one. Potential higher targets are 103.80 and 104.00 levels.

We need a negative consolidation pullback below the 103.20 level for a bearish option. After that, we should see a test of the 103.00 support level. Additional support in that zone is in the EMA50 moving average. A break below these support levels could affect the dollar’s long-term retreat. Potential lower targets are 102.80 and 102.60 levels

This week’s news related to the dollar was quite positive, supporting the chart’s current picture. Next week could also be in the sign of the dollar because we will not have important news from the EU and the Asian market, and on Friday, we are waiting for a report from the chairman of the FED, Jerome Powell.

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