The US Dollar (USD) is tearing down the 104.00 level on Wednesday after it briefly failed to do so on Tuesday in the Bank of Japan aftermath.
The US Dollar advances relentlessly for a fifth consecutive day. Traders brace for the Fed decision, with Powell and new economic projections on the docket. The US Dollar Index snaps above 104.00, continuing its bullish narrative. The US Dollar is tearing down the 104.00 level on Wednesday after it briefly failed to do so on Tuesday in the Bank of Japan aftermath.
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. Some support should come in from the 200-day Simple Moving Average at 103.70, the 100-day SMA at 103.58, and the 55-day SMA at 103.52. The 103-area, thus, looks well equipped and covered with support levels to catch any retreats in the DXY.
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