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US Dollar Index Price Analysis: Inverted head-and-shoulders set to lift the greenback

  • The inverse head-and-shoulders pattern can lead to more upside. 
  • Upside targets can be located near 97.85 and 98.20 levels.
 

DXY daily chart

 
The US Dollar Index (DXY) is trading between the 50 and 200-day simple moving average (SMA). DXY is also trading within a rising wedge channel.
 
 

DXY four-hour chart

 
DXY is trading above the main simple moving averages (SMAs) and a rising trendline, suggesting a bullish bias in the medium term. The greenback is also in an inverted head-and-shoulder pattern and the market could stay bullish while above the right shoulder and the 97.20/10 support zone. If buyers decide to lift the market they could reach the 97.85 and 98.20 to the upside. 
 

Additional key levels 

Dollar Index Spot

Overview
Today last price 97.56
Today Daily Change -0.04
Today Daily Change % -0.04
Today daily open 97.6
 
Trends
Daily SMA20 97.18
Daily SMA50 97.55
Daily SMA100 97.93
Daily SMA200 97.72
 
Levels
Previous Daily High 97.73
Previous Daily Low 97.58
Previous Weekly High 97.65
Previous Weekly Low 97.09
Previous Monthly High 98.38
Previous Monthly Low 96.35
Daily Fibonacci 38.2% 97.64
Daily Fibonacci 61.8% 97.67
Daily Pivot Point S1 97.54
Daily Pivot Point S2 97.49
Daily Pivot Point S3 97.39
Daily Pivot Point R1 97.69
Daily Pivot Point R2 97.79
Daily Pivot Point R3 97.84

 

 

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