News

US Dollar Index Technical Analysis: DXY ready for the next leg up?

  • DXY has been consolidating on the second day of the week. 
  • Support is seen at the 97.70 level. 
 

DXY daily chart

 
DXY (US Dollar Index) is trading in an uptrend above its 200-day simple moving average (DMA). This Tuesday, the market traded quietly within last Friday’s range.
 
 

DXY 4-hour chart

 
DXY bounced from the 97.70 level near the 61.8% Fibonacci retracement from the November bull run. In the absence of a bear breakout below the 97.70 level, DXY is set to resume the uptrend targetting initially the 98.00 level, followed by 98.20 and 98.40, near November highs.
 

DXY 30-minute chart

 
The greenback is trading above the 50 SMA, suggesting a potential correction up in the medium term. However, if 97.70 fails to hold prices, the market might drop towards the 97.50 level. 
 

Additional key levels

 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.