US Dollar (DXY) at Crossroads Ahead of FOMC Minutes

The U.S. Dollar Index (DXY) has recovered to probe key resistance at 101.70/80, which for now is putting a bit of a lid on the most recent climb from 100.41 (Feb 16).

A sustained climb above 101.80, especially in reaction to a catalyst, such as this afternoon's FOMC minutes (2:00 PM ET), could trigger a sharp up-spike that propels DXY directly towards a retest of its Jan high-zone at 103.00-103.60/80.

Conversely, failure of DXY to sustain above 101.80 followed by a decline that breaks 100.85 will trigger initial indications that a larger topping formation (since early Nov) is in progress.

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