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US Dollar Gains Traction: Technical Analysis Points to Potential Bullish Impulse

The US Dollar (USD) is showing signs of recovery

Ongoing speculation surrounds the Federal Reserve's potential interest rate reductions in the spring of 2024, with varying opinions among certain Fed policymaking members.


Technical Analysis:
In the H4 timeframe, the price initiated a retracement after reaching the 102.50 area. This retracement may deepen, targeting a retest of resistance at 104.215 or potentially surpassing it to reach the next level of interest at 105.000. Notably, the USD remains in a bearish momentum, and in the D1 timeframe, the price touched the 61.8% Fibonacci level