USD Index Breaks Above Daily Resistance
The daily 62% Fibonacci resistance level for June USD Index futures has given way and price is approaching yearly highs.
The bull run in June USD Index futures is alive and well. Values have broken above daily resistance and 2019’s top is quickly coming into view. As we are currently seeing in the U.S. indices, investors are largely discounting today’s lagging Q4 U.S. GDP report.
Significant forex gains are being posted by the Greenback. The highlights of today’s currency market action are strong moves by the USD against the Swiss franc, Japanese yen, and British pound. If this action continues, the USD Index will be posting fresh yearly highs in short order.
June USD Index Futures: Technical Outlook
In a Live Market Update from yesterday, I broke down the significance of the daily 62% Fibonacci level for June USD Index futures. This area has given way and rates are on the move north.
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Here are two levels to keep an eye on in this market:
- Resistance(1): Psyche Level, 97.000
- Resistance(2): 2019 High, 97.160
Overview: As of now, the bumrush north is on for the USD Index. The coming 24 hours brings release of the U.S. Core Personal Consumption report for January. In the event that consumption figures come in strong, there is a good chance that the June USD Index will challenge yearly highs by Friday’s closing bell.
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