- DXY comes under pressure and disputes the 103.00 support.
- Bulls now target the July high at 103.57 (July 6).
The upside momentum in the greenback appears somewhat dented and motivates DXY to give away part of the recent gains and recede to the 103.00 region on Wednesday.
In the meantime, the index maintains the bullish view well in place with the immediate hurdle now emerging at the August top of 103.45 (August 14) just ahead of the July peak of 103.57 (July 6).
It is worth noting that this area of monthly highs appears reinforced by the key 200-day SMA, today at 103.23.
Looking at the broader picture, while below the latter, the outlook for the index is expected to remain negative.
DXY daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD stays weak below 1.0750 ahead of EU inflation data
![EUR/USD stays weak below 1.0750 ahead of EU inflation data](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/world-currencies-53600634_XtraSmall.jpg)
EUR/USD is trading pressured below 1.0750, halting its three-day winning streak on Tuesday. The extended US Dollar recovery coupled with a softer risk tone undermines the pair, as traders brace for EU inflation data, US jobs report and Fed Chair Powell's speech later in the day.
GBP/USD remains confined in a range near 1.2650 ahead of key US events
![GBP/USD remains confined in a range near 1.2650 ahead of key US events](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/iStock-1078115946_XtraSmall.jpg)
GBP/USD stays defensive near 1.2650, extending its struggle early Tuesday. Bets for a BoE rate cut in August act as a headwind amid a modest US Dollar recovery. Traders prefer to wait on the sidelines ahead of the US jobs data and Fed Chair Powell's appearance.
Gold buyers take out $2,330 hurdle ahead of US jobs data, Powell
![Gold buyers take out $2,330 hurdle ahead of US jobs data, Powell](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/gold-gm187363896-28836378_XtraSmall.jpg)
Gold price is looking to build on the previous upswing in the Asian session on Tuesday. Gold buyers, however, could turn cautious heading into the key US JOLTs Job Openings data and US Federal Reserve Chair Jerome Powell’s speech later in the day.
Polkadot price primed for upside surge following descending trendline breakout
![Polkadot price primed for upside surge following descending trendline breakout](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Polkadot/polkadot-150x150logo-637399979978734311_XtraSmall.png)
Polkadot broke out from a descending trendline on Monday, marking a 1.5% increase to $6.42 on Tuesday. Potential buyers on the sidelines eyeing opportunities can consider accumulating DOT between $5.41 and $5.72.
Eurozone Inflation Preview: Price pressures expected to ease after May bounce Premium
![Eurozone Inflation Preview: Price pressures expected to ease after May bounce](https://editorial.fxstreet.com/images/Macroeconomics/Countries/Europe/Eurozone_countries/Eurozone/europarliament-10007350_XtraSmall.jpg)
Eurostat will release crucial European inflation data on Tuesday. Headline inflation is expected to recede in June. Uncertainty prevails regarding future rate cuts by the ECB.