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Forex: US Dollar Index edging higher, around 80.30

The US Dollar Index, which gauges the greenback against its major rivals, is posting meager gains on Monday, hovering over 80.30 after hitting tops in levels shy of 80.50

Marc Chandler, Head of Currency Strategy at Brown Brothers Harriman, commented, “Although the Dollar-Index (DXY) failed to make a new high before the weekend, holding just below the high set on Thursday near 80.28, the settlement was near the high of the day and the technical tone remains constructive. The key area to watch is near 80.50. It corresponds to where the downtrend line drawn off the mid-Nov high near 81.50 and the Jan 4 high just below 80.90. It also corresponds to a retracement objective of the losses from that mid-Nov high”.

At the moment, the index is up 0.04% at 80.30
According to tradingcentral.com, the next resistance levels line up at 80.45, 80.65 and 80.85; while support levels lie at 79.85, 79.65 and 79.45

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