The US Dollar Index (DXY) retreats from a 2.5-month high and reaches an intraday low near 103.50, indicating market stabilization before August PMIs. This follows the Greenback’s index’s comparison to six major currencies.

The overbought RSI line is supporting the DXY’s retracement from a multi-day high. The US Dollar Index has a bottom at 103.15-10, thanks to positive MACD signals, 200-DMA, and resistance that has turned into support.

Prices for the DXY might go below the 103.10 support level, luring Dollar sellers with a 50% Fibonacci retracement near 102.75.

The DXY bulls need proof that the US Dollar Index recovery has continued from a downward-sloping resistance line from March 15 that is close to 103.90 and the round number of 104.00.

The gauge’s upward movement towards May’s peak of 104.70 and thereafter to the yearly peak of 105.99 can then be anticipated.

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