The index opened with a downward gap and tested the 96.80 day bottom levels, and for the time being there was support for it.
The growing risk appetite, following Macron’s gaining in the majority of the French parliamentary elections on Sunday, seems to have created a weight on the USD at the beginning of the week, though the rebound of US bond rates has contributed to a recovery.
Meanwhile, as investors continue to adjust to the Fed‘s latest interest rate hike, the Fed’s plans to start shrinking its bearish stocks and timing are in the midst to drive price movements, while interest rates have been kept at more interest rates in the third quarter of 2017.
Also, NY Fed W.Dudley is expected to take first place in Fed talks.
In addition, according to the recently announced CFTC report, speculative USD net buying positions continued to decline on the week of June 13, testing to its lowest level since early October 2016.
The US Dollar Index is currently trading at 96.96 with a gain of 0.10%.
Significant technical levels for DXY
Resistance levels of 97.56 (June 15 summit), 97.63 (38.2% Fibo May-June), and 98.04 (50% Fibo May-June), 96.31 (June 14 dip 2017), 95.91 (November 9 dip 2016) and 94.95 September dip 2016) level of support.