Forex Analysis by Investing.com (Günay Caymaz) covering: US Dollar Index. Read Investing.com (Günay Caymaz)'s latest article on Investing.com
A strong U.S. economy and geopolitical risks are key drivers for the US dollar's current trajectory.Technical indicators suggest crucial resistance levels could influence the dollar index's movement this week.current trajectory remains influenced by a strong U.S. economy and the upcoming elections. Two major forces drive this trend: the rise in U.S. bond yields and the increasing possibility of former President Donald Trump's re-election.
Recently, geopolitical risks have significantly impacted the dollar's performance. Threats of a potential Israeli-Iranian conflict in the Middle East and its repercussions on global energy markets continue to raise concerns. Such tensions could heighten demand for the dollar, seen as a safe-haven currency.Price action this week could be driven by geopolitical risks rather than by economic data, as the markets expect Israel to retaliate against Iran.
In the week ahead, while geopolitical developments remain under scrutiny, markets will also focus on macroeconomic data from the U.S. and Europe, including PMI data,The Dollar Index kicked off October with an upswing, turning the bearish horizontal outlook from September around as dollar-friendly factors emerged.
If the DXY holds the average support at 103.15 this week, it might continue its upward momentum. Achieving daily closes above 103.8 raises the probability of advancing towards the next resistance at 104.8 .
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