The USD is now the strongest of the major currencies and in doing so, the dollar index (DXY) is also making a new high for the year. The index trades at the highest level since June 2020.
Looking at the daily chart, the next major upside target on further upside momentum would be the 61.8% of the move down from the March 2020 high at 97.727. Just above that is the June 30 high at 97.802.
Looking at the individual currency pairs:
- The EURUSD is trading to a new low at 1.1135 and gets closer to the 2022 low at 1.11217
- The GBPUSD fell below the swing area between 1.33524 and 1.33757. The break lower has now pushed the price down toward the 1.3300 level. The low price just reached 1.3311
- The USDJPY has pushed above its week highs and 200 hour moving average between 115.15 and 115.23 . The price is also moved above the 50% midpoint of the once trading range at 115.369. The high price just reached 115.45
- The USDCHF is trading at its a new high at 0.92649. The next target comes in at 0.9272 to 0.92767