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US Dollar Index technical analysis: DXY in wait-and-see mode, ending the day virtually unchanged near the 97.55 level

  • DXY has been directionless this Wednesday as the market is weighing the impact of the trade war on US interest rates. 
  • Wall Street indices are about to end the day near daily highs giving some support to the buck.
  • The level to beat for bulls are seen at 97.80, followed by 98.10 and 98.38 resistances. 
 
 

DXY daily chart

 
DXY (US Dollar Index) is trading in a bull trend above its main daily simple moving averages (DSMAs). The greenback remains fragile as the threat of the US-China trade war keeps looming. US stock indices are currently trading near their daily highs somewhat supporting DXY for the time being.
 

DXY 4-hour chart

 
 
DXY found support at the 96.30 support above the 200 SMA, creating a small double bottom. The bulls need a clear breakout above to 97.80 resistance to recapture the 98.10 level near the 50 SMA followed by 98.36 resistance.
 

DXY 30-minute chart

 
The greenback has been consolidating its recent losses for the second consecutive day. A daily close below 97.15 would be seen as a potential bearish continuation towards the 97.00 figure. 
 
 
 
 

Additional key levels

 

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