FOREX Chart Of The Day: USD Index Reaches Highs

The #USDINDEX has rallied to hit the $97.00 highs as the market uncertainty grows. Will the risk off environment continue?

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USD INDEX Analysis

The price of the USD Index has rallied significantly as Russia announces war against Ukraine. This will likely continue in the short term as this will bring uncertainty into the markets. Nato nations have condemned the attack and have begun to apply sanctions on Russia. However, these sanctions will take time to have any serious effect on Russia and will unlikely stop the invasion of Ukraine. 

Today saw widespread selling of stock markets and risk assets as the market environment changed dramatically. The best performing currencies in times of uncertainty are the USD and the JPY which will likely get stronger over the next week. 

Looking at the chart we can see that the price has rallied and rejected the $97.00 highs. This could be a short term reaction from the markets as the risk off sentiment is likely to remain and if the price fills the gap we could see the market continue to move higher.

Do you trade GBPJPY? see our latest analysis here.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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