Dollar rises to 20-year high on safe-haven buying, higher interest rates

The dollar index hit a twenty-year high in early European trading on Monday, as bulls regained pace after last week’s shallow correction.
Strong demand for the greenback on rising interest rates and expectations for more aggressive policy tightening by the Fed in coming months, due to soaring inflation, as well as investors’ migration into safety on deteriorating geopolitical situation and growing fears over slowing global economic growth, keep the dollar strongly supported.
Technical studies remain bullish on daily chart, with the action being underpinned by the fifth straight weekly advance and a massive monthly bullish candle of April.
Eventual close above critical resistances at 103.80 (tops of 2017/2020 /2022), where bulls face headwinds and so far failed three times to clearly break higher, would confirm strong bullish signal for a continuation of the uptrend from 2021 low (89.15) and end of a larger range which started in 2017.
Rising 10DMA (103.30) should keep the downside protected and maintain strong bullish structure.

Res: 104.19; 104.53; 105.00; 105.50
Sup: 103.80; 103.48; 103.30; 102.79