FX.co ★ bryana.reichert | U.S. Dollar Index (USDX) in Forex Trading

Analysis and Forecast for Trading Instrument #USDX For a long time, the trading instrument U.S. Dollar Index has been moving within an ascending trend, but last week we saw a sharp decline mainly due to Trump announcing a two-week ceasefire with Iran, leading investors to hope that the situation in the Middle East is coming to an end. It is difficult to track how the war with Iran affects the strengthening of the dollar, but the connection is quite obvious on the chart. If this trend continues, we have a high chance of further decline for the trading instrument #USDX. On my chart, I have a Fibonacci grid indicating a target of the 161st level, which is around 97.80. Selling opportunities can be considered from the resistance level at 99.20, although the 61st Fibonacci level is at 99.50, making it a more attractive target, but we may not reach it. However, all of this is contingent on the situation with Iran coming to an end. Rumors suggest that negotiations are not going well, and the most interesting developments are expected in a week.