The US Dollar Index (USDX) is being boosted in the short term by the US dollar's continued strength, currently approaching the 98.7–99.0 resistance zone. If trading volume follows through, it may further test higher levels; otherwise, it may pull back to the 98.4–98.5 support area. In the medium to long term, the US dollar's fundamentals remain solid, and ongoing market risk aversion provides the USDX with strong value-preservation attributes. It is recommended to continue a buy-on-dips approach, closely monitor the interaction of trading volume and key levels, and hold USDX for the medium to long term while watching price and volume changes in the short term to optimize entry and exit timing.

On January 8, the US Dollar Index edged up by 0.11% to 98.683, indicating the US dollar's relative resilience against major currencies. This recent uptick has bolstered market sentiment toward USDX in the short term, given its strong correlation with dollar movements. The current USDX price is nearing the short-term resistance zone (98.7–99.0); if trading volume increases in tandem, a further test of this resistance is likely. Otherwise, there is a potential for a pullback to the support zone (98.4–98.5). Close attention should be paid to trading volume and the reaction of prices at key technical levels.

Looking at the US dollar's cross rates against major currencies: the EUR/USD stands at 1.1682, GBP/USD at 1.3464, and the Japanese yen depreciated to 156.74 per dollar. This pattern reflects a global risk-averse sentiment, with continued demand for dollar-denominated assets as a safe haven. For USDX, which is a synthetic token pegged to the US Dollar Index, its medium- and long-term prospects benefit from the dollar’s stability and the ongoing trend of global risk-averse capital allocation. In a strong-dollar environment, USDX provides sound value-preservation functions and remains attractive over the medium and long term with solid support from US dollar fundamentals.

USDX

It’s not a given that the European Central Bank’s next move on interest rates will be a hike, according to Governing Council member Martins Kazaks.

Kazaks: Will not oppose bets on two interest rate hikes this year

Waller: Rapid resolution of the Middle East situation may allow for interest rate cuts later this year.

Waller: Overall PCE inflation year-over-year in March may reach 3.5%

The Federal Reserve's Waller expressed caution regarding interest rates, warning of the risks of prolonged warfare.

Fed's Daly: Rates May Remain Unchanged

Daly: The federal funds rate is slightly above the neutral level of 3%.

UBS Expects 50 bps Fed Rate Cuts as Gov Miran Downplays Inflation Risks

Federal Reserve's Daly: On hold regarding interest rates.

Easing tensions in the Middle East combined with rising expectations of interest rate cuts have pushed gold close to $4,900.

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USDX price today is 0.59, with a live price change of 6.89 in the last 24 hours. Convert, buy, sell and trade USDX on Bybit-eu.

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