The US Dollar index has been rallying since the beginning of this trading week. In particular, on Wednesday, the USD index set a new local high - 80,59 – which is still May's high. After that, on Thursday, the American currency started retracing from the recent rally and reached the level of 80.35 at the end of the trading day.
Today's trading activity is taking place mostly within the scope of the 80.35-80.59 price range. Still, the US Dollar came closer to the top of the trading range earlier today. The price increase started from 80.41 and reached 80.48. So, the American currency remains strong in international financial markets, Market Leader reports.
US Dollar Index. Friday's Prospects
A team of trading experts working for Masterforex-V Academy conducted comprehensive analysis to find out the near term prospects NAD likely scenarios for the closest trading session. The H1 chart of the USD index indicates that the mid-term bias is still bullish. which means the bulls are currently dominating the market.
Still, the price is currently forming a bearish reaction started at 80.59. At this point, it has completed the previous upswing at 79.90-80.59. So, the price is currently consolidating within the scope of a wider price range between 80.35 and 80.59
Apparently, the near-term prospects of the American currency against a basket of 6 other majors will depend on the price reaction to the following levels of support and resistance:
Resistance levels: 80.54 + 80.59.
Support levels: 80.35 (34) + 80.20.
