The US Dollar (USD) is facing a “pop quiz” moment before traders can enjoy a bank holiday this week, with many trading desks and markets across the globe closed on Good Friday.
The US Dollar retreats a touch on Monday after failing to break Friday's high. Traders are looking forward to a very choppy trading week, with a bank holiday on Friday. The US Dollar Index steadies in the mid-104.00 range ahead of GDP and PCE data. The US Dollar is facing a “pop quiz” moment before traders can enjoy a bank holiday this week, with many trading desks and markets across the globe closed on Good Friday.
The truth will probably be somewhere in the middle, which means the DXY could retreat a few points to challenge 104.00 and snap below this barrier by the end of the week. The DXY is still eyeballing that pivotal level near 104.60, where last week’s rally peaked out. Further up, 104.96 remains the first level in sight. Once above there, the peak at 104.97 from February comes into play ahead of the 105.00 region, with 105.12 as the first resistance.
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