Dollar Index Technical Analysis: DXY's struggle for direction continues

The dollar index (DXY), which tracks the value of the greenback against majors, hit a high of 97.69 on Nov. 12 and has struggled for direction ever since.
As of writing, it is seen at 97.06 and is trapped in a narrowing price range or a symmetrical triangle pattern.
A break below 93.64 would imply range breakdown and validate the bearish divergence of the 14-day RSI (confirmed on Nov. 12) and hence could yield a drop to support at 95.00.
A daily close above 97.53 would confirm a symmetrical triangle breakout and open the doors to 98.50 (May 8, 2017 low).
A symmetrical triangle looks more likely, courtesy of dovish Fed expectations and falling haven demand amid the rising odds of US-China trade deal.

Omkar Godbole FXStreet Contributor

Daily chart

Trend: Neutral

Dollar Index Spot

Overview:
    Today Last Price: 97.06
    Today Daily change: 1.0 pips
    Today Daily change %: 0.0103%
    Today Daily Open: 97.05
Trends:
    Previous Daily SMA20: 96.9
    Previous Daily SMA50: 96.47
    Previous Daily SMA100: 95.8
    Previous Daily SMA200: 94.18
Levels:
    Previous Daily High: 97.49
    Previous Daily Low: 96.89
    Previous Weekly High: 97.21
    Previous Weekly Low: 96.37
    Previous Monthly High: 97.7
    Previous Monthly Low: 95.68
    Previous Daily Fibonacci 38.2%: 97.12
    Previous Daily Fibonacci 61.8%: 97.26
    Previous Daily Pivot Point S1: 96.8
    Previous Daily Pivot Point S2: 96.54
    Previous Daily Pivot Point S3: 96.2
    Previous Daily Pivot Point R1: 97.4
    Previous Daily Pivot Point R2: 97.74
    Previous Daily Pivot Point R3: 98

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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