Mighty Dollar Eyes Further Gains

The US Dollar Index (DXY) commenced the new year on a strong note, breaking out of its consolidation phase and surging toward the 109.50 level on January 2.

◉ Technical Observations
● The daily candle close on Friday formed an inside bar bearish candle, indicating a potential pullback in the week ahead.
● Immediate support levels are situated between 107.50 and 107.00.

◉ Market Outlook and Key Events
The US jobs report comes out on Friday and will be the main focus for the market this week. A strong jobs report could strengthen the US dollar, affecting emerging markets and commodities.