Dollar Index Futures—The dollar index in the June contract is trading higher for the 2nd consecutive session up sharply this Wednesday afternoon by another 43 points at 97.75 hitting a contract high once again as I still believe this currency will crack the 100 level in the coming weeks ahead.
If you are long a futures contract continue to place the stop loss under the 2 week low which was touched on April 12th at 96.36 as an exit strategy as I see no reason to be short the U.S dollar at this time.
Interest rates in the United States are still at historically low levels, however many foreign interest rates still remain in the negative as U.S rates look high relatively speaking as that’s why you’re seeing strength in the dollar.
The next major level of resistance is around the 98.50 area and if that is broken like I have talked about in many previous blogs I think prices could trade above the 100 level as the Trump administration wants a strong U.S dollar as that signifies strength.
CHART STRUCTURE: SOLID
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