Dollar Index Price Analysis: DXY takes out 11-month bearish trendline

Dollar index's daily chart shows bullish reversal patterns.
The breakout has opened the doors to resistance at 91.75.

Omkar Godbole FXStreet Contributor

The dollar index (DXY), which tracks the greenback's value against majors, has pierced the trendline falling from March 2020 highs, validating the reversal higher signaled by the inverse head-and-shoulders (H&S) breakout confirmed on Feb. 1.

The above-50 or bullish reading on the 14-day Relative Strength Index also indicates the path of least resistance is to the higher side.

As such, the DXY looks set to test resistance at 91.75 (Sept. 1 low). The outlook would turn bearish if the index finds acceptance under the former hurdle-turned-support of the inverse H&S neckline, currently at 90.90.

Daily chart

Trend: Bullish

Technical levels

Dollar Index Spot

Overview
Today last price	91.2
Today Daily Change	0.09
Today Daily Change %	0.10
Today daily open	91.11

Trends
Daily SMA20	90.46
Daily SMA50	90.5
Daily SMA100	91.87
Daily SMA200	93.91

Levels
Previous Daily High	91.3
Previous Daily Low	90.99
Previous Weekly High	90.89
Previous Weekly Low	90.08
Previous Monthly High	90.95
Previous Monthly Low	89.21
Daily Fibonacci 38.2%	91.18
Daily Fibonacci 61.8%	91.11
Daily Pivot Point S1	90.97
Daily Pivot Point S2	90.82
Daily Pivot Point S3	90.66
Daily Pivot Point R1	91.28
Daily Pivot Point R2	91.45
Daily Pivot Point R3	91.59

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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