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US Dollar Outlook: DXY Bullish Reluctance Ahead of ECB Tomorrow


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Jun 8, 2022 | DailyFX
Richard Snow, Analyst

US DOLLAR (DXY) NEWS AND ANALYSIS

  • Major risk events: ECB, FOMC meetings ahead with a special focus on US retail data
  • Technically, DXY faces an uphill battle as price action has been kept at bay by the key 104.90 level

Daily US Dollar Index (DXY) Chart

US Dollar Outlook: DXY Bullish Reluctance Ahead of ECB Tomorrow

Source: TradingView, prepared by Richard Snow

The bar has been set quite high for a longer-term continuation of the bullish DXY run as 104.90 has proven a formidable challenge for previous attempts to trade higher.

Weekly US Dollar Index (DXY) Chart

US Dollar Outlook: DXY Bullish Reluctance Ahead of ECB Tomorrow

Source: TradingView, prepared by Richard Snow

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