The US Dollar Index (DXY) is facing headwinds from its biggest contributor in the Index, the Euro, which accounts for 57.6% of the total package. The appreciation of the Euro is pushing the Greenback in the fences already on early Monday trading. With the sword of Damocles still hanging over the US Dollar, from possible intervention from the Ministry of Finance from Japan, the DXY could be gearing up for one of its biggest corrections for this year.
On the upside, the pivotal level of 105.89 must be regained first. The DXY failed to stay above that level last week. Once above there, marching above the red descending trend line in the chart below at 106.26 and the peak of April at 106.52 are the two main resistances ahead of a fresh nine-month high. That would be reached once 107.35 is being broken to the upside.
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