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Sr. Technical Strategist
As of March 17, 2026, the U.S. Dollar Index is pressing against a major resistance zone after rallying more than 5 percent from its yearly low. This move reflects strong underlying demand for the U.S. Dollar, but the rally is now confronting levels that have historically capped price advances. The U.S. Dollar Index is therefore entering a decisive technical phase where the balance between continuation and reversal becomes increasingly fragile. The outcome at this level could set the tone for the next directional move in global currency markets.
Michael Boutros, Senior Market Analyst at FOREX.com, specializes in multi-timeframe technical analysis across global foreign exchange markets. His work focuses on identifying structural turning points in major currency pairs, giving him a distinct edge in interpreting how key resistance and support levels influence market direction.
The U.S. Dollar Index is encountering strong resistance that is slowing the pace of its recent rally. Michael Boutros states that "we rallied to the highest levels since May of last year and into a major pivotal resistance zone", highlighting the importance of the 100.15 to 100.42 range. This level combines prior lows, closing levels, and historical highs, making it a technically significant barrier for price action. As a result, traders are likely to see increased volatility and hesitation as the U.S. Dollar Index tests this zone. A sustained break above this level would signal a continuation of the bullish trend and potentially unlock further upside.
The U.S. Dollar trend continues to show underlying strength as long as key support levels remain intact. Boutros emphasizes that "the trade does remain constructive while above 9863", pointing to a cluster of technical supports that reinforce the bullish structure. These include retracement levels, prior reversal closes, and trendline confluence, all of which provide a foundation for continued upward movement. Consequently, any pullback toward these levels may be viewed as a corrective phase rather than a reversal of trend. The broader implication is that the U.S. Dollar Index remains positioned for further gains unless these support thresholds are decisively broken.
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--- Written by Lindo Xulu, StoneX TV Journalist
--- Expert: Michael Boutros, Senior Market Analyst at FOREX.com
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