Pro Charts: Stocks & ETFs
Dollar Breakout: Here Is Technical Chart Resistance
Updated: Apr 22, 2024 | Published: Apr 13, 2024
![Dollar Breakout: Here Is Technical Chart Resistance](http://verifiedinvesting.com/cdn/shop/articles/Dollar.png?v=1713018206&width=1000)
The U.S. Dollar broke out two weeks ago. This told investors of the coming fear that caused the sell off in the stock market. Remember, the Dollar is a safe haven asset to the whole world. Therefore, a break out on the US Dollar is very telling.
The surge in the U.S. Dollar this week is nearing resistance. The technical level to watch is $107.15 on the DXY. This is the pivot high from October 2023 and also a .50 Fibonacci retrace September 2022 highs (highest Dollar in 20+ years).
This raises the probability that if this level is hit, the U.S. Dollar will pull back.