Dollar Index technical analysis: Double bottom breakout

Dollar Index's daily chart is reporting a double bottom breakout.
The pattern has created a room for a rally to 98.86.

Omkar Godbole FXStreet Contributor

Dollar Index, which tracks the value of the greenback against majors, closed 0.18% higher on the day at 98.13, confirming a double bottom breakout on the daily chart.

The pattern indicates the sell-off from the Oct. 1 high of 99.67 has ended and the bulls have regained control. The breakout has opened doors for 98.86 (target as per the measured move method).

Treasury yields are rising and could continue to boost demand for the US Dollar. The US 10-year yield rose to 1.97% on Thursday to clock the highest level in over three months.

The bullish case would be invalidated if the index finds acceptance below the former resistance-turned-support of the double top neckline at 98.00.

Currently, the Dollar Index is trading at 98.12.

Daily chart

Trend: Bullish

Technical levels

Dollar Index Spot

Overview
Today last price	98.12
Today Daily Change	-0.01
Today Daily Change %	-0.01
Today daily open	98.13

Trends
Daily SMA20	97.73
Daily SMA50	98.33
Daily SMA100	97.9
Daily SMA200	97.51

Levels
Previous Daily High	98.23
Previous Daily Low	97.82
Previous Weekly High	98
Previous Weekly Low	97.16
Previous Monthly High	99.67
Previous Monthly Low	97.15
Daily Fibonacci 38.2%	98.07
Daily Fibonacci 61.8%	97.98
Daily Pivot Point S1	97.89
Daily Pivot Point S2	97.65
Daily Pivot Point S3	97.48
Daily Pivot Point R1	98.3
Daily Pivot Point R2	98.47
Daily Pivot Point R3	98.71

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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