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US Dollar Index Continues to Show Strength

Written By: ChartChamp

November 12, 2024

DXY continues to show bullish strength after the US election. The US dollar is likely to be stronger under a Trump administration due to Trump’s policies. There is resistance at $105.60 and a light blue resistance line to monitor. It looks like DXY is forming a bullish breakout, but the price action can be a bit tricky. If DXY starts to rally here this would not be favorable for the financial markets. DXY and the financial markets have an inverse correlation, but everything is rallying together.

EURO/USD Approaching $1.05

The US dollar has shown a lot of strength relative to other currencies. On the EURO/USD chart, the EURO has lost a lot of value relative to USD. There is a support zone between $1.06 and $1.05. I think the $1.05 support level could hold, and there could be a short-term rebound. For now I would monitor $1.05 to see if the EURO manages to avoid losing more value relative to the US dollar.

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