U.S. Dollar Index Hits Yearly Highs With Momentum Overbought

The U.S. Dollar Index is testing resistance where its 2024 swing highs meet this year's uptrend, with weekly momentum at its highest of the year. Michael Boutros, StoneX Senior Market Analyst, walks through a multi-timeframe technical view of the U.S. dollar, from the weekly chart down to the four-hour chart. Daily and four-hour momentum sit deep in overbought territory, while weekly momentum presses the top of the range it has held all year. U.S. nonfarm payrolls are the next major event risk, and Fed funds futures pricing for the Federal Reserve's remaining decisions has shifted after softer PCE inflation data. Discover Actionable Insights with the latest Market Outlook Reports: https://intel.stonex.com/offer?language=en&campaignId=A908C315-DC62-4F35-AC16-870BB71E84D1 00:00 - DXY Rally Hits 2024 Resistance 00:56 - Overbought Dollar Momentum 01:18 - Next Dollar Leg Needs a Close 02:04 - Where Dollar Bulls Get Tested 03:20 - Fed Funds Futures Shift on PCE 04:02 - Payrolls Risk Meets the Dollar Like and subscribe for more financial market insights. #StoneX #MichaelBoutros #DXY #Forex #NonfarmPayrolls --------- Like this video? Subscribe and turn on notifications so you don't miss any videos from StoneX: https://www.youtube.com/@stonex_official Visit https://www.stonex.com/en/insights/thought-leadership/?utm_source=youtube&utm_medium=social for insights, perspectives and thought leadership from StoneX's global network of experts. Visit our website: https://www.stonex.com?utm_source=youtube&utm_medium=social