U.S. Dollar Index (DX) Futures Technical Analysis – Rally Through 93.275 Targets 93.545

The US dollar held nearly three-week lows versus a basket of currencies on Monday amid concerns over fiscal stimulus in the US. The greenback was stable after posting its biggest loss in six weeks on Friday as investors increased their bets that a stimulus package would be agreed to mitigate the economic fallout from COVID-19.
At 10:49 GMT for December, the US dollar index futures are trading at 93.160, up 0.095 or + 0.10%.
The dollar was weighed down by the recurring economic negotiations. With the November 3rd election only weeks away, investors are betting that Democrat Joe Biden is more likely to win the US presidency and offer a bigger economic package.
On Sunday, the Trump administration urged Congress to pass a scaled-down version of the relief bill while negotiations on a more comprehensive package continue. Traders are also leaning towards a victory for Democratic candidate Joe Biden, who if elected would likely result in an even bigger stimulus package.
Daily December US Dollar Index
Daily swing chart technical analysis
The main trend has increased according to the daily swing chart, but the momentum tends to be lower. The main trend will change on a move down through 92,755. A trade above 94,795 signals a resumption of the uptrend.
The little trend is down. This is driving the downward momentum. A move through 93.00 indicates the sell is getting stronger while a move through 93.975 changes the small trend up.
The first minor range is between 91,750 and 94,795. His 50% level at 93.275 is resistance. The second minor range is between 94,090 and 93,000. His 50% level at 93,545 is another potential level of resistance.
Daily Swing Chart Technical Forecast
The early range suggests that the direction of the US dollar index on Monday will be determined by the trader's reaction to the 50% level at 93.275 and Friday's low at 93,000.
Bullish scenario
A sustained move above 93.275 indicates the presence of buyers. If this creates enough upward momentum, look for a rally that may climb to the next 50% level at 93.545.
Bearish scenario
The inability to overcome 93.275 signals the presence of sellers. The first downside target is 93.00. Removing this level could trigger another break from the main low at 92.755.
In our economic calendar you will find all economic events of today.

This article was originally published on FX Empire
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