{"id":3582,"date":"2024-07-23T09:40:33","date_gmt":"2024-07-23T09:40:33","guid":{"rendered":"https:\/\/alchemymarkets.com\/en\/?post_type=market_insights&#038;p=3582"},"modified":"2025-05-14T12:53:00","modified_gmt":"2025-05-14T12:53:00","slug":"dollar-index-july-2024","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/de\/education\/market-insights\/chart-of-the-day\/dollar-index-july-2024\/","title":{"rendered":"Dollar Bearishness Continues: DXY Approaches Channel Resistance"},"content":{"rendered":"\n<p>Reignited hopes for a September rate cut have sent the Dollar Index tumbling to 103.650 in July. As the DXY finds support from a descending channel established since May 2024, it\u2019s now rapidly approaching a crucial resistance zone between 104.500 and 104.800.<\/p>\n\n\n\n<p>Traders are watching closely to see if this zone will halt the DXY&#8217;s rebound or signal further volatility.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Technical Analysis of DXY (July 23rd, 2024)<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"694\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/07\/DXY-2024-july-1024x694.jpg\" alt=\"\" class=\"wp-image-3585\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/07\/DXY-2024-july-1024x694.jpg 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/07\/DXY-2024-july-300x203.jpg 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/07\/DXY-2024-july-768x521.jpg 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/07\/DXY-2024-july-1536x1042.jpg 1536w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/07\/DXY-2024-july.jpg 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The DXY is currently facing an overlap of significant resistances up ahead: the midpoint of a descending channel, and a weekly trendline formed since March of 2024.<\/p>\n\n\n\n<p>Give or take, these resistances are overlapping at around 104.500 \u2013 104.800. However, if the DXY can reclaim the channel\u2019s midpoint and continue climbing up, we may see a retest of the channel highs at approximately 105.800.<\/p>\n\n\n\n<p><strong>Levels to watch in the meantime:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Channel Midpoint + Weekly Trendline resistance: 104.500 \u2013 104.800<\/li>\n\n\n\n<li>Channel Lows: Approximately 103.650<\/li>\n\n\n\n<li>Previous Daily Lows: Approximately 102.800 \u2013 102.400<\/li>\n<\/ul>\n\n\n\n<p>That being said, the majority of market participants are anticipating a rate cut. The Fedwatch Tool has projected a &gt;90% probability of a 25 basis rate cut on September 18th.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"512\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/07\/target-rate-probabilities-July-2024-1024x512.jpg\" alt=\"\" class=\"wp-image-3584\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/07\/target-rate-probabilities-July-2024-1024x512.jpg 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/07\/target-rate-probabilities-July-2024-300x150.jpg 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/07\/target-rate-probabilities-July-2024-768x384.jpg 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/07\/target-rate-probabilities-July-2024-1536x768.jpg 1536w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/07\/target-rate-probabilities-July-2024.jpg 2000w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Source: CME Group, July 23, 2024<\/p>\n\n\n\n<p>As we move further along in Q3, the anticipation of a rate cut may further depress the dollar and lift the rest of the markets.<\/p>\n\n\n\n<p>The upcoming FOMC meeting at the end of this month will be crucial, as it will offer critical insights into the likelihood of a September rate cut. Stay tuned for the details.<\/p>\n\n\n\n<p><strong>You may also be interested in:<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/quarterly-forecast\/spx-nq-djia-dax-ftse-100-strong-q2-cautious-q3-ahead\/\">Alchemy Q3 Forecast: Indices<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/quarterly-forecast\/gold-silver-copper-crude-oil-q3-forecast\/\">Alchemy Q3 Forecast: Commodities<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The DXY, rebounding from the lower trendline of a daily descending channel, is heading towards the midpoint, a potential key resistance zone. <\/p>\n","protected":false},"author":159,"featured_media":3583,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[18],"class_list":["post-3582","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-chart-of-the-day"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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