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DXY's stellar performance takes a minor pause

FXStreet (Bali) - DXY's stellar performance saw Tuesday's peak printed at 84.50 before a pullback sent the index to retest the 84.00 area, where buying interest re-emerged, stabilizing the rate around 84.15-20.

Jim Langlands, Founder at FXCharts, notes: "There is no holding back the DXY right now, which is heading higher at a rate of knots and will soon come to test the July 2013 high at 84.75. This should prove stubborn resistance, but the dollar is taking on all comers and if it can take this levels out, I cannot see too much to stop it heading on towards 76.4% Fibo resistance/decsending monthly trend line at around 85.48 and then on to the 29 June 2010 high at 86.30 (weekly chart below)."

On the downside, Jim perceives the 84.00 handle as immediate support, and below, last weeks close at around 83.75. If further selling is seen, "stronger support would be seen at the break-up level of the long term downtrend resistance-now-turned- support, at 83.35 and then below there at 83.00, although I don’t think we are going there", Jim added.

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