Through the trading session yesterday, the DXY weakened significantly, reversing strongly from the 105 resistance level steadily down to the 104 round number support level.
However, as the price failed to break below 104, a sharp retracement was seen, with the DXY currently trading along the 104.55 price level.
With today's headline that the US 2yr Treasury Yields have risen to 4.9% (a high since 2007), further upside could be anticipated for the DXY.
Given that there are no major economic data releases today for the US, the DXY could see brief upside potential but would be likely to continue ranging between 104.40 and 105.
However, as the price failed to break below 104, a sharp retracement was seen, with the DXY currently trading along the 104.55 price level.
With today's headline that the US 2yr Treasury Yields have risen to 4.9% (a high since 2007), further upside could be anticipated for the DXY.
Given that there are no major economic data releases today for the US, the DXY could see brief upside potential but would be likely to continue ranging between 104.40 and 105.
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