US Dollar Index Price Analysis: Interim top at 110.80?
|- DXY corrects lower and drops to multi-session lows.
- The dollar could have charted a near-term top near 110.80.
DXY trades on the defensive for the second session in a row and extends the recent breakdown of the 110.00 mark.
The short-term bullish view in the dollar, however, remains well in place for the time being and so far bolstered by the 7-month support line just below 106.00.
Further retracement in the short-term horizon could leave the recent 20-year high near 110.80 (September 7) as an interim peak. The surpass of this area could open the door to the weekly highs at 111.90 (June 6 2002) and 113.35 (May 24 2002).
Looking at the long-term scenario, the bullish view in the dollar remains in place while above the 200-day SMA at 101.26.
DXY daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.