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Dollar index (USDX) backs off from new 2023 high

In the previous update I noted the move above 107 in the dollar index since my last update here the prior week. Well that further rise for the dollar has seen the index lift to its best level of the year, after lifting above 107. The index had closed last night in the US at 106.90. The new 2023 high seen earlier this morning has been set at 107.21. That means it has met, and slightly surpassed an important Fibonacci retracement level of 107.17. That price point represents a 50% pullback in the 2022/23 move, from 114.77, to 99.57. The rebound that has taken place was heralded here though and the reader is reminded of that near perfect Golden Cross that was covered here the week before last. It is that which is partly to account for the further upside momentum we have seen since. The index is just now trading at around 107.07. There will be more to add on this as the week unfolds

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