Select Language

US Dollar Price Forecast: Hovers around 104.50, remains above nine-day EMA

Breaking news

US Dollar Price Forecast: Hovers around 104.50, remains above nine-day EMA

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.11.08 16:46
US Dollar Price Forecast: Hovers around 104.50, remains above nine-day EMA

update 2024.11.08 16:46

  • The US Dollar Index may test a four-month high of 105.45 level.
  • The DXY keeps a bullish outlook as it moves upwards within an ascending channel.
  • The nine-day EMA appears as the immediate support at the 104.25 level.

The US Dollar Index (DXY) maintains its position on daily gains, hovering around 104.50 during European trading hours on Friday. The analysis of the daily chart indicates an ongoing bullish bias as the index moves upwards within an ascending channel.

Additionally, the 14-day Relative Strength Index (RSI) remains above the 50 level, reinforcing the prevailing bullish sentiment. Additionally, the nine-day Exponential Moving Average (EMA) is positioned above the 14-day EMA, indicating short-term price movement upwards

In terms of resistance, the DXY could appreciate toward a four-month high of 105.45 level, which was marked on November 6. A breakthrough above this level could reinforce the market sentiment and support the DXY to approach the upper boundary of the ascending channel at the psychological level of 106.00.

On the downside, the nine-day EMA appears as the immediate support at 104.25 level, followed by the 14-day EMA at 104.09 level. A break below this level could put downward pressure on the US Dollar Index to navigate toward the lower boundary of the ascending channel at 103.70 level.

US Dollar Index: Daily Chart

US Dollar PRICE Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Australian Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   0.23% 0.10% -0.08% 0.19% 0.43% 0.28% 0.12%
EUR -0.23%   -0.13% -0.28% -0.04% 0.20% 0.06% -0.12%
GBP -0.10% 0.13%   -0.16% 0.09% 0.33% 0.18% 0.01%
JPY 0.08% 0.28% 0.16%   0.26% 0.49% 0.35% 0.18%
CAD -0.19% 0.04% -0.09% -0.26%   0.23% 0.10% -0.07%
AUD -0.43% -0.20% -0.33% -0.49% -0.23%   -0.14% -0.32%
NZD -0.28% -0.06% -0.18% -0.35% -0.10% 0.14%   -0.17%
CHF -0.12% 0.12% -0.01% -0.18% 0.07% 0.32% 0.17%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).


Date

Created

 : 2024.11.08

Update

Last updated

 : 2024.11.08

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.

Was this article helpful?

We hope you find this article useful. Any comments or suggestions will be greatly appreciated.  
We are also looking for writers with extensive experience in forex and crypto to join us.

please contact us at [email protected].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

US Dollar steadies after wild ride, with Powell shrugging off politics

The US Dollar (USD) stablizes around the mid-104.00 region on Friday after founding support as investors digest the Federal Reserve's (Fed) decision to lower its monetary policy rate by 25 basis points to the 4.50%-4.75% range on Thursday.
New
update2024.11.08 20:39

Fed: Staying on rate cut path with 25-bps move and political defiance - UOB Group

The Fed in its 6/7 Nov 2024 Federal Open Market Committee (FOMC) meeting, unanimously decided to reduce the target range of its Fed Funds Target Rate (FFTR) by 25-bps to 4.50-4.75%, in line with our and broad market expectations.
New
update2024.11.08 20:32

GBP: BoE remains cautious - ING

BoE's MPC has not given the market a clear conclusion of what the budget could mean for the economy, and once again there is no strong guidance on how fast rates can be cut, ING's FX analyst Francesco Pesole notes.
New
update2024.11.08 20:25

Norges Bank does not provide any indication of earlier cuts - Commerzbank

As expected, Norges Bank left the policy rate at 4.50% yesterday.
New
update2024.11.08 20:22

USD/JPY extends correction to near 152.00 on Japan's intervention alert

The USD/JPY pair falls further to near 152.00 in European trading hours on Friday.
New
update2024.11.08 20:17

USD/CNH: Surge in momentum suggests further USD strength - UOB Group

The US Dollar (USD) is likely to trade in a range between 7.1350 and 7.1770.
New
update2024.11.08 20:11

EUR: Bearish bias remains unchanged - ING

EUR/USD traded briefly above 1.080 yesterday on the back of the broad-based unwinding of post-election USD longs.
New
update2024.11.08 20:08

USD/JPY: USD is likely to trade in a range - UOB Group

Upward momentum has slowed sharply and quickly; a break of 152.50 means that USD is likely to trade in a range instead of heading higher, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
New
update2024.11.08 20:03

USD: This isn't a Trump trade rethink - ING

A large portion of the election move in the US Dollar (USD) has been unwound.
New
update2024.11.08 19:42

Mexican Peso trades mixed after recovering following Fed decision to cut rates

The Mexican Peso (MXN) trades mixed in its key pairs on Friday during the European session after rising up and meeting resistance near the top of a falling channel it has been steadily declining in since Mexico's June elections.
New
update2024.11.08 19:40

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy

I agree
share
Share
Cancel