Dollar Index Price Analysis: Rises above 93.00, but bearish channel still intact

The dollar index extends Thursday's gain with a move above 93.00
The greenback remains stuck in a four-week falling channel.

Omkar Godbole FXStreet Contributor

The dollar index, which tracks the greenback's value against majors, is gaining altitude on Friday.

At press time, the DXY is hovering near 93.10, representing a 0.18% gain on the day and validating Thursday's bullish inside-day candle.

Even so, it's too early to call a bullish reversal. That's because the index is still trapped in a bearish channel represented by trendlines connecting Sept.25 and Oct. 16 highs and Oct. 9 and Oct. 21 lows.

A close above 93.60 is needed to confirm a falling channel breakout. On the downside, violation of the Asian session low of 92.93 would shift risk in favor of a re-test of Thursday's low of 92.61.

Daily chart

Trend: Neutral

Technical levels

Dollar Index Spot

Overview
Today last price	93.12
Today Daily Change	0.18
Today Daily Change %	0.19
Today daily open	92.94

Trends
Daily SMA20	93.56
Daily SMA50	93.27
Daily SMA100	94.48
Daily SMA200	96.76

Levels
Previous Daily High	92.97
Previous Daily Low	92.61
Previous Weekly High	93.91
Previous Weekly Low	93.01
Previous Monthly High	94.74
Previous Monthly Low	91.74
Daily Fibonacci 38.2%	92.83
Daily Fibonacci 61.8%	92.75
Daily Pivot Point S1	92.71
Daily Pivot Point S2	92.48
Daily Pivot Point S3	92.34
Daily Pivot Point R1	93.07
Daily Pivot Point R2	93.21
Daily Pivot Point R3	93.44

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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