US dollar Price Analysis: DXY bulls pushing the barriers

US dollar reaches into the 110 area and bulls remain in control.
The bears need to get back below 108.90 structure for the days ahead.

Ross J Burland FXStreet

Following on from last week's positive close, it has been a bullish start for the week in the greenback. The US dollar has touched 110 in trade to start the week but the Shark harmonic pattern remained as a bearish feature on the charts.

DXY H4 chart

The price will need to get below the 108.90s for prospects of a deeper run through the 108's and to offer some relief, if only temporary, within the firm bullish cycle in the greenback.

With that being said, there is room for the index to run until it meets January 2002 lows at 110.98:

DXY monthly chart

As illustrated, there is room to go to the upside given the gap that could be filled in the month ahead, if not days or weeks. Volatility in the forex space has picked up over the course of 2022 and especially into the summer months:

As per CNBC's DBCVIX USD Volatility Index, August has seen a pick up in volatility which could be just getting started.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD clings to gains around 1.1800

EUR/USD manages to regain composure and retests the 1.1800 region in quite a positive start to the week. The pair’s bounce follows the US Dollar’s offered stance post-SCOTUS ruling ahead of important US data and Fedspeak on Tuesday.

GBP/USD treads water near 1.3500 as BoE-Fed divergence debate stalls

GBP/USD spent Monday spinning in place as market participants await a fresh catalyst to break the pair out of its recent range. The BoE's February hold came with a surprisingly dovish 5-4 split, and UK Consumer Price Index data last week showed inflation easing to 3.0%, reinforcing the case for earlier rate cuts, with most economists now looking to April or March for the next move.

Gold climbs above $5,200 on geopolitical tensions, trade uncertainty

Gold price jumps to around $5,230 during the early Asian session on Tuesday. The rally of the precious metal is bolstered by heightened geopolitical tensions and global trade uncertainty following US tariff decisions. Traders brace for the US January Producer Price Index report on Friday for fresh impetus.

Solana DeFi platform Step Finance to close operations following treasury hack

The Solana based decentralized finance platform Step Finance announced it will end all operations effective immediately following a breach that drained its treasury.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

XRP recovers slightly as bearish sentiment dominates crypto market

Ripple is rising above $1.40 at the time of writing on Monday amid fresh tariff-triggered headwinds in the broader cryptocurrency market. The sell-off to $1.33, the token’s intraday low, can be attributed to macroeconomic uncertainty, geopolitical tensions and risk-averse sentiment among other factors.