Forex Analysis by Investing.com (Günay Caymaz) covering: EUR/USD, USD/JPY, XAU/USD, Gold Futures. Read Investing.com (Günay Caymaz)'s latest article on Investing.com
Geopolitical tensions and hawkish Fed comments are fueling the rise of the US dollar against major currencies like the euro and Japanese yen.bulls have been buoyed by recent comments from Federal Reserve officials. Their hawkish stance, indicating that there is no rush to cut interest rates for now, is a key driver for the greenback.
Now, 105.7 acts as a floor for the DXY. To keep rising, the DXY needs to break decisively above 106.7, with strong trading volume, to target the 108-109 zone. While 1.063 remains a crucial support level, the short-term moving average on the daily chart, currently at 1.067, could act as a dynamic resistance. According to Fibonacci values, the next resistance levels are at 1.07 and 1.076.
Based on the retracement in late 2023, the resistance point aligns with Fib 1.272, which is the lower end of the Fibonacci expansion level. However, there's a chance of a trend reversal if the Japanese government steps in, as they've been trying to influence the market through their statements.
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