Dollar Index price analysis: Rises above 94 for first since July 27

The dollar index is breaking higher from its multi-week sideways channel.
The index is yet to clear the six-month bearish trendline.

Omkar Godbole FXStreet Contributor

The dollar index (DXY), which tracks the safe-haven greenback's value against majors, is rising in Asia despite an uptick in the Asian stocks and overnight gains on Wall Street.

The DXY is currently seen at 94.16 – the highest level since July 27.

A close above 94 would imply a bullish breakout from the two-month-long consolidation of 92.00 to 94.00 and open the doors for 96.00 (target as per the measured move method).

On the way higher, the trendline falling from March and May highs could offer resistance. As of writing, that descending trendline hurdle is located at 94.70.

Should the index fail to hold above 94.00, stronger selling pressure will likely emerge, yielding a drop to 93.50.

Daily chart

Trend: Bullish

Technical levels

Dollar Index Spot

Overview
Today last price	94.14
Today Daily Change	0.17
Today Daily Change %	0.18
Today daily open	93.97

Trends
Daily SMA20	93
Daily SMA50	93.48
Daily SMA100	95.71
Daily SMA200	97.16

Levels
Previous Daily High	94.08
Previous Daily Low	93.47
Previous Weekly High	93.61
Previous Weekly Low	92.77
Previous Monthly High	94
Previous Monthly Low	92
Daily Fibonacci 38.2%	93.85
Daily Fibonacci 61.8%	93.7
Daily Pivot Point S1	93.6
Daily Pivot Point S2	93.23
Daily Pivot Point S3	92.98
Daily Pivot Point R1	94.21
Daily Pivot Point R2	94.46
Daily Pivot Point R3	94.83

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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