The dollar index remains on its bullish path towards 103.00

Dollar index chart analysis

This week was positive for the dollar index. We started Monday at the 101.60 level, and this week’s high of the dollar was yesterday at the 102.84 level. The dollar begins to retreat from that level, looking for support at the 102.35 level this morning. We managed to get support at that level and start a mild bullish consolidation up to the 102.55 level.

For a bullish option, we need a break above the 102.60 level. Then, it is necessary to maintain up there in order to start with a new impulse, the continuation of the recovery of the dollar index. Potential higher targets are 102.80 and 103.00 levels.

We need a drop below this morning’s support at the 102.30 level for a bearish option. After that, the dollar would form a new low and thus confirm the bearish option. Potential lower targets are 102.20 and 102.00 levels. Additional support could be found in the EMA50 moving average at the 102.00 level.

At the beginning of today’s US session, we have important news from the US economy: the NFP and unemployment rate reports. We can expect increased volatility of the dollar index and all USD pairs in that period.

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