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US Dollar Index Technical Analysis: DXY trading at two-day highs ahead of FOMC minutes

  • DXY has been challenging the 98.00 handle ahead of the FOMC minutes.
  • The level to beat for bulls is the 98.00 handle followed by 98.20 and 98.40 price levels. 

 

DXY daily chart

 
 
DXY (US Dollar Index) is trading in a bull trend above the 200-day simple moving average (DMA). This Wednesday, the market is grinding higher ahead of the FOMC minutes at 19:00 GMT. 
 

DXY 4-hour chart

 
 
 
DXY is challenging the 98.00 handle and the 200 SMA. As the market is rebounding a break above the 98.00 level can lead to further gains towards the 98.20 and 98.40, near the November highs.
  

DXY 30-minute chart

 
 
 
The greenback is trading above the 50/100 SMA, suggesting a potential correction up in the medium term. However, 97.70 needs to hold prices, to prevent the market to drop back towards the 97.50 level. 
 

Additional key levels

 

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