Dollar Index Price Analysis: DXY eyes minor pullback after four-day winning run

The DXY's hourly chart shows a bearish RSI pattern.
A minor drop to the 50-hour SMA support may be seen.

Omkar Godbole FXStreet Contributor

The dollar index (DXY), which tracks the greenback's value against majors, has retreated from the session high of 92.50 to 92.40.

The pullback may be extended further as the hourly chart Relative Strength Index (RSI) shows a bearish divergence. It occurs when an indicator charts lower highs contradicting higher highs on the price chart and often paves the way for pullbacks.

The DXY may test the 50-hour Simple Moving Average support, currently at 92.07.

The broader outlook would remain bullish while the former hurdle-turned-support of 91.60 (Feb. 5 high) is intact. The DXY rose for the fourth straight trading day on Monday as the Treasury yields remained elevated, helping the greenback draw bids in the wake of the US Senate's decision to approve President Joe Biden's $1.9 trillion stimulus program.

Daily chart

Trend: Minor pullback likely

Technical levels

Dollar Index Spot

Overview
Today last price	92.39
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	92.39

Trends
Daily SMA20	90.73
Daily SMA50	90.51
Daily SMA100	91.21
Daily SMA200	92.91

Levels
Previous Daily High	92.42
Previous Daily Low	91.87
Previous Weekly High	92.21
Previous Weekly Low	90.63
Previous Monthly High	91.6
Previous Monthly Low	89.68
Daily Fibonacci 38.2%	92.21
Daily Fibonacci 61.8%	92.08
Daily Pivot Point S1	92.03
Daily Pivot Point S2	91.67
Daily Pivot Point S3	91.47
Daily Pivot Point R1	92.59
Daily Pivot Point R2	92.78
Daily Pivot Point R3	93.14

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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