Will October's Dollar Dilemma Plunge Prices Back Down To $100 Or Propel Price To $114?

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  • The dollar's ascent above the $105 resistance, established in March 2021, represents a critical breakthrough.
  • A 0.59% increase in the dollar's value during October reflects growing investor confidence and suggests its resilience in the market.

The US dollar experienced a significant rebound, especially in October, when it surpassed a crucial resistance level. This move indicates a shift in the currency's direction and suggests a potential for further rises.

The dollar's recent rise above the $105 mark, a level of resistance established in March 2021, is a significant milestone.

In October alone, there has been a 0.59% rise, signaling increasing investor confidence in the dollar's resilience.

The dollar's recent optimism is a significant shift from the end of 2022 when its value plummeted by 10%.

As we entered 2023, the currency faced additional hurdles and dropped to $100. However, the dollar has shown strength and is now on a recovery path, bouncing back from this crucial milestone.

One key factor in this revival has been the daily 20 simple moving average, which have played a vital role in supporting the price on the way up.

The strength of the dollar is about to face a crucial challenge. On October 3rd, it hit a high of $107, which is now the next major obstacle.

Breaking through this level is crucial for the currency to continue its upward trajectory.

If it successfully surpasses this barrier, it could open the door for even more gains.

If the dollar exceeds the $107 mark, it could potentially increase by 7%, as there are no apparent obstacles in its path until it reaches the next significant resistance level, which is last year's high at $114.

After the closing bell on Friday, October 27, the currency closed at $106.38, trading down by 0.03%.

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