Dollar index is up 0.1% and back above 94.00 after a bounce in overnight trading
And that bounce came after a test of the 23.6 retracement level @ 93.81, as also highlighted here yesterday. With that said, the dollar is holding steady on the day as a result posting decent gains across the board albeit with narrow ranges still prevailing.
However, buyers will still have some work to do as near-term bias still favours sellers for the time being. The 100-hour MA (red line) needs to be broken in order to neutralise the bias with the 200-hour MA (blue line) next in line if buyers are to establish a near-term bullish bias in the dollar again.
Apart from that, there is also the downside trendline that needs to be broken as highlighted above as well near the 100-hour MA. Those will be key levels for buyers to break above next, otherwise the momentum would still favour sellers if we see a rejection there.
In terms of risk events, there isn't anything vital for the dollar today but there will be minor data points here and there for the euro and sterling so that will factor into the equation too. But for now, the dollar's advance today appears to be more technical as buyers lean on the 93.81 level mentioned above and so far is looking to regain near-term control of the dollar index again.
