{"id":516559,"date":"2023-01-31T11:16:47","date_gmt":"2023-01-31T00:16:47","guid":{"rendered":"https:\/\/www.gomarkets.com\/?p=516559"},"modified":"2023-01-31T11:18:47","modified_gmt":"2023-01-31T00:18:47","slug":"us-dollar-index-testing-key-level","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/articles\/forex-trading\/us-dollar-index-testing-key-level\/","title":{"rendered":"US Dollar Index Testing Key Level"},"content":{"rendered":"<p style=\"text-align: center;\"><strong>US Dollar Fundamental Analysis<\/strong><\/p>\n<p>Recent data indicated that the U.S. economy grew strongly in the fourth quarter which has boosted the Dollar against the Euro. This has supported the Federal Reserve&#8217;s hawkish stance in spite of reports that US consumer spending has fallen, and inflation has cooled. According to the Commerce Department, the Consumer Price Index (CPI), the Federal Reserve&#8217;s preferred inflation measure, increased 0.1% in November after a similar gain the month before.<br \/>\nWith traders eagerly awaiting the Federal Reserve&#8217;s guidance for interest rate rises, the Dollar firmed on Monday and distanced itself from an eight-month trough. Despite last week&#8217;s eight-month low of 101.50, the U.S. dollar index rose 0.03% to 101.92.<\/p>\n<p style=\"text-align: center;\"><strong>US Dollar Index Technical Analysis<\/strong><\/p>\n<p>The Dollar Index is currently testing a major support area taken from the weekly time frame, around $101.55. It has been consolidating and testing the area for almost 10 days, strongly suggesting that bulls are starting to take back control of the market after a steady decline of roughly -4% in the last 4 weeks.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-516560 size-full\" src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2023\/01\/1.png\" alt=\"\" width=\"602\" height=\"323\" srcset=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2023\/01\/1.png 602w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2023\/01\/1-300x161.png 300w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2023\/01\/1-600x322.png 600w\" sizes=\"auto, (max-width: 602px) 100vw, 602px\" \/><\/p>\n<p>In alignment with the weekly analysis, on the daily timeframe, a trend line from the lower lows can be drawn, and from the chart below, the price has recently reached the bottom of the trend line. The price has consolidated for a number of days at the weekly support level mentioned earlier.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-516576 size-full\" src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2023\/01\/2.png\" alt=\"\" width=\"602\" height=\"369\" srcset=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2023\/01\/2.png 602w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2023\/01\/2-300x184.png 300w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2023\/01\/2-600x368.png 600w\" sizes=\"auto, (max-width: 602px) 100vw, 602px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The Dollar may potentially climb towards the resistance level at $104, if it remains above and respects the bottom of the channel. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Dollar Fundamental Analysis Recent data indicated that the U.S. economy grew strongly in the fourth quarter which has boosted the Dollar against the Euro. This has supported the Federal Reserve&#8217;s hawkish stance in spite of reports that US consumer spending has fallen, and inflation has cooled. According to the Commerce Department, the Consumer Price [&hellip;]<\/p>\n","protected":false},"author":68,"featured_media":516594,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2871],"tags":[],"class_list":["post-516559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex-trading"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US Dollar Index Testing Key Level - Wixad<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gomarkets.com\/en\/articles\/forex-trading\/us-dollar-index-testing-key-level\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Dollar Index Testing Key Level - Wixad\" \/>\n<meta property=\"og:description\" content=\"US Dollar Fundamental Analysis Recent data indicated that the U.S. economy grew strongly in the fourth quarter which has boosted the Dollar against the Euro. This has supported the Federal Reserve&#8217;s hawkish stance in spite of reports that US consumer spending has fallen, and inflation has cooled. According to the Commerce Department, the Consumer Price [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.gomarkets.com\/en\/articles\/forex-trading\/us-dollar-index-testing-key-level\/\" \/>\n<meta property=\"og:site_name\" content=\"Wixad\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-31T00:16:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-31T00:18:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2023\/01\/featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"775\" \/>\n\t<meta property=\"og:image:height\" content=\"440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mark Nguyen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark Nguyen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.gomarkets.com\/en\/articles\/forex-trading\/us-dollar-index-testing-key-level\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.gomarkets.com\/en\/articles\/forex-trading\/us-dollar-index-testing-key-level\/\"},\"author\":{\"name\":\"Mark Nguyen\",\"@id\":\"https:\/\/www.gomarkets.com\/es\/#\/schema\/person\/2792febb656e56205e26b3bb3037c89f\"},\"headline\":\"US Dollar Index Testing Key Level\",\"datePublished\":\"2023-01-31T00:16:47+00:00\",\"dateModified\":\"2023-01-31T00:18:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.gomarkets.com\/en\/articles\/forex-trading\/us-dollar-index-testing-key-level\/\"},\"wordCount\":251,\"publisher\":{\"@id\":\"https:\/\/www.gomarkets.com\/es\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.gomarkets.com\/en\/articles\/forex-trading\/us-dollar-index-testing-key-level\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2023\/01\/featured.jpg\",\"articleSection\":[\"Forex\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.gomarkets.com\/en\/articles\/forex-trading\/us-dollar-index-testing-key-level\/\",\"url\":\"https:\/\/www.gomarkets.com\/en\/articles\/forex-trading\/us-dollar-index-testing-key-level\/\",\"name\":\"US Dollar Index Testing Key Level - 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This has supported the Federal Reserve&#8217;s hawkish stance in spite of reports that US consumer spending has fallen, and inflation has cooled. According to the Commerce Department, the Consumer Price ","link":"https:\/\/www.gomarkets.com\/en\/articles\/cryptocurrency-trading\/is-this-bitcoin-rally-real\/","type":"next","category":"cryptocurrency-trading"},"previous":{"id":516317,"slug":"aud-hits-0-71-for-first-time-since-august-2022","title":"AUD hits $0.71 for first time since August 2022","date":"2023-01-27 12:30:59","excerpt":"US Dollar Fundamental Analysis Recent data indicated that the U.S. economy grew strongly in the fourth quarter which has boosted the Dollar against the Euro. This has supported the Federal Reserve&#8217;s hawkish stance in spite of reports that US consumer spending has fallen, and inflation has cooled. According to the Commerce Department, the Consumer Price ","link":"https:\/\/www.gomarkets.com\/en\/articles\/forex-trading\/aud-hits-0-71-for-first-time-since-august-2022\/","type":"previous","category":"forex-trading"},"category":{"slug":"forex-trading"},"_links":{"self":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts\/516559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/users\/68"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/comments?post=516559"}],"version-history":[{"count":0,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts\/516559\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/media\/516594"}],"wp:attachment":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/media?parent=516559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/categories?post=516559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/tags?post=516559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}