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DXY hits critical 84.75 resistance

FXStreet (Bali) - The DXY continues to rise, with traders leaving behind the FOMC risk event out of the way, and despite Yellen & Co. failed to offer new clues, the market came back to bid the USD in earnest, reinforcing the notion that as sentiment stands, fighting the USD trend is not the wisest option.

At present, the DXY is pulling back from a critical resistance area at 94.75 (Juky 9 2013 high). According to Jim Langlands, Founder at FXCharts: "This should prove strong resistance and given that the MACD are becoming overbought and the RSI’s/Stochastics are not really backing this move up, caution is warranted."

Jim adds: "On a break of 84.75 I cannot see too much to stop it heading on towards 76.4% Fibo resistance/descending monthly trend line at around 85.50 and then on to the 29 June 2010 high at 86.30, with dips in the dollar should now see support at 84.25 and then at around 84.00"

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