The US Dollar Index (DXY) would likely not be where it is this Monday if it were not for the current European political turmoil. With a higher DXY, there is the risk of a quick correction if European headline risk start to abate and US data comes on the soft side. A fair warning thus that this US Dollar strength might be short-lived.
On the upside, no big changes to the levels traders need to watch out for. The first is 105.52, where the DXY is trading around, a barrier that held during most of April. The next level to watch is 105.88, which triggered a rejection at the start of May and will likely play its role as resistance again. Further up, the biggest challenge remains at 106.51, the year-to-date high from April 16.
On the downside, the trifecta of Simple Moving Averages (SMA) is still playing support. First is the 55-day SMA at 105.10. A touch lower, near 104.55 and 104.47, both the 100-day and the 200-day SMA are forming a double layer of protection to support any declines. Should this area be broken, look for 104.00 to salvage the situation
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