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Forex: US Dollar Index upside capped around 82.40

FXstreet.com (Barcelona) - The US Dollar Index, which gauges the greenback against its major competitors, is advancing firmly on Thursday after the ECB left the door open for negative interest rates on deposits in its last meeting.

“Renewed vulnerability in commodities has aided USD but the US economy remains in its “spring swoon”. EUR vulnerability should limit downside on DXY”, commented Sean Callow, Strategist at the Australian Westpac.

As of writing, the index is up 0.90% at 82.26, and according to tradingcentral.com, the next resistance levels line up at 84.05 (horizontal resistance), 85.60 (horizontal resistance) and 86.85 (horizontal resistance); while support levels align at 80.85 (medium-term pivot point) followed by 78.95 (horizontal resistance) and 76.70 (horizontal resistance).

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