• The US Dollar Index ended the week above the 96.00 threshold.
  • The US 10-year Treasury yield finished flat, at 1.482%.
  • DXY Technical outlook: An upside break above an ascending triangle target 98.00.

The US Dollar Index, also known as DXY, which measures the greenback’s performance against a basket of six rivals, slides 0.19%, sitting at 96.04 during the day as the New York session wanes, at the time of writing. The market sentiment was upbeat as the Wall Street session closed, with major US equities finishing in the green recorded gains between 0.60% and 1.13%.

In the US bond market, Treasury yields in the short-maturity of the curve fell with 2s, 5s, and 10s dropped between 1-3 basis points, ended at 0.6544%, 1.2467%, and 1.482%, each. In the long-term of the curve 20s and 30s, gained between 1-1.5 basis points, sat at 1.9138% and 1.88%, respectively.

Apart from that, the US dollar was left at the mercy of the US inflation figures. On Friday, the Department of Labor reported that the Consumer Price Index for November on an annual basis rose to 6.8%, in line with estimations, and higher than October’s reading at 6.2%. Further, the Core CPI, which excludes food and energy, rose to 4.9%, as foreseen though more elevated than October’s 4.6%

Later on the day, the University of Michigan Consumer Sentiment for December rose to 70.4 from 67.1 in November. 

US Dollar Index (DXY) Price Forecast: Technical outlook

The US Dollar Index finished the week above the 96.00 figure for the second week in a row. The DXY is in a clear uptrend, and through the last couple of weeks, price action consolidated around the 95.50-96.50 range, forming an ascending triangle in an uptrend.

In the event of breaking to the upside of the formation, the ascending triangle target would be 98.00, but it would find some hurdles on the way up.

The first resistance would be 97.00, followed by June 30 high at 97.80, followed by the ascending triangle target at 98.00.

Dollar Index Spot

Overview
Today last price 96.04
Today Daily Change -0.18
Today Daily Change % -0.19
Today daily open 96.22
 
Trends
Daily SMA20 96.08
Daily SMA50 94.86
Daily SMA100 93.85
Daily SMA200 92.67
 
Levels
Previous Daily High 96.34
Previous Daily Low 95.95
Previous Weekly High 96.64
Previous Weekly Low 95.55
Previous Monthly High 96.94
Previous Monthly Low 93.82
Daily Fibonacci 38.2% 96.19
Daily Fibonacci 61.8% 96.1
Daily Pivot Point S1 96
Daily Pivot Point S2 95.78
Daily Pivot Point S3 95.61
Daily Pivot Point R1 96.39
Daily Pivot Point R2 96.56
Daily Pivot Point R3 96.78

 

 

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