Dollar Index Price Analysis: DXY eyes bullish reversal on weekly chart

DXY's weekly chart shows a falling wedge breakout.
The index could rise to September highs above 94.50.

Omkar Godbole FXStreet Contributor

The dollar index, which tracks the greenback's value against majors, looks set to confirm a falling wedge breakout – a bullish reversal pattern – on the weekly chart.

The index has flipped the channel hurdle into support, currently at 90.00. A close above would confirm the breakout and open the doors for a rally to 94.72 (September high).

The daily chart also indicates the path of least resistance is to the higher side. The bullish outlook will be invalidated if the index finds acceptance under the former hurdle-turned-support of the inverse head-and-shoulders pattern breached to the higher side earlier this week.

Weekly chart

Trend: Bullish

Technical levels

Dollar Index Spot

Overview
Today last price	91.57
Today Daily Change	0.02
Today Daily Change %	0.02
Today daily open	91.55

Trends
Daily SMA20	90.55
Daily SMA50	90.49
Daily SMA100	91.86
Daily SMA200	93.87

Levels
Previous Daily High	91.58
Previous Daily Low	91.09
Previous Weekly High	90.89
Previous Weekly Low	90.08
Previous Monthly High	90.95
Previous Monthly Low	89.21
Daily Fibonacci 38.2%	91.4
Daily Fibonacci 61.8%	91.28
Daily Pivot Point S1	91.23
Daily Pivot Point S2	90.92
Daily Pivot Point S3	90.74
Daily Pivot Point R1	91.73
Daily Pivot Point R2	91.9
Daily Pivot Point R3	92.22

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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