In a February 26, 2023, Barchart article, I pointed out that the 103.96 level on the nearby dollar index futures contract was the critical level. In that piece, I wrote:
When the dollar index broke out to the upside in May 2022, the break above the 103.960 technical resistance level led to a significant move to the 114.745 high. The technical resistance became support, giving way to the downside in early January 2023. So far, the index has held above the 100 level despite eclipsing the technical support. Still, the 104 level has become a significant pivot point for the index that measures the U.S. dollar against the other world reserve currencies.
