Dollar Index Price Analysis: Inverse head-and-shoulders pattern on D1

Omkar Godbole FXStreet Contributor

The dollar index, which tracks the greenback's value against major currencies, has carved out an inverse head-and-shoulders pattern on the daily chart.

Tne neckline resistance is currently seen at 90.92. A close higher would confirm a breakout or bearish-to-bullish trend change, creating room for a rally to at least 92.63 (target as per the measured move method).

On the downside, the low of the right shoulder – 90.045 – is the level to beat for the sellers.

At press time, the DXY is trading moderately higher on the day near 90.75.

Daily chart

Trend: Bullish above 90.92

Technical levels

Dollar Index Spot

Overview
Today last price	90.75
Today Daily Change	0.16
Today Daily Change %	0.12
Today daily open	90.59

Trends
Daily SMA20	90.18
Daily SMA50	90.64
Daily SMA100	91.99
Daily SMA200	94.14

Levels
Previous Daily High	90.89
Previous Daily Low	90.15
Previous Weekly High	90.95
Previous Weekly Low	90.05
Previous Monthly High	92.02
Previous Monthly Low	89.52
Daily Fibonacci 38.2%	90.61
Daily Fibonacci 61.8%	90.43
Daily Pivot Point S1	90.2
Daily Pivot Point S2	89.81
Daily Pivot Point S3	89.46
Daily Pivot Point R1	90.94
Daily Pivot Point R2	91.28
Daily Pivot Point R3	91.67

Author

Omkar Godbole

FXStreet Contributor

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

EUR/USD holds losses near 1.1850 as US, China holidays keep trade muted

EUR/USD opens the week on a softer note, trading near 1.1860 during the Asian session on Monday. Activity is likely to remain muted, with United States markets closed for the Presidents’ Day holiday, while Mainland China is also shut for the week-long Lunar New Year break.

GBP/USD flat lines as traders await key UK macro data and FOMC minutes

The GBP/USD pair kicks off a new week on a subdued note and oscillates in a narrow range, just below mid-1.3600s, during the Asian session. Moreover, the mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold remains below $5,050 despite Fed rate cut bets, uncertain geopolitical tensions

Gold edges lower after registering over 2% gains in the previous session, trading around $5,030 per troy ounce during the Asian hours on Monday. However, the non-interest-bearing Gold could further gain ground following softer January Consumer Price Index figures, which reinforced expectations that the Federal Reserve could cut rates later this year.

Week ahead: Data blitz, Fed Minutes and RBNZ decision in the spotlight

The US jobs report for January, which was delayed slightly, didn’t do the dovish Fed bets any favours, as expectations of a soft print did not materialize, confounding the raft of weak job indicators seen in the prior week.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.