US Dollar Index Price Analysis: 10-day SMA restricts immediate downside amid US-China tension

US Dollar Index defies the previous day’s downside momentum amid fresh risk-off.
White House Adviser Peter Navarro initially called off trade deal with China, but stepped back afterward.
The previous week’s low can offer immediate support ahead of the monthly bottom.

Anil Panchal FXStreet

US dollar index, a gauge of the greenback versus major currencies, declines to 97.03 during Tuesday’s Asian session. The USD barometer earlier surged to the intraday high of 97.25 after the White House Adviser Peter Navarro ruled out a trade deal with China. Though the following statements from the Trump administration member dragged the greenback gauge then after.

Even so, 10-day SMA offers immediate support to the index around 97.00, a break of which could drag the pair to last Tuesday’s low near 96.45.

In a case where the greenback bears dominate past-96.45, 96.00 and the monthly low near 95.77 will be in the spotlight.

Alternatively, a clear break above Friday’s top of 97.72 will have to cross 61.8% Fibonacci retracement of March month upside, at 97.83 to aim form 98.80/85 resistance confluence including 50-day SMA and 50% Fibonacci retracement.

DXY daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	97.08
Today Daily Change	0.04
Today Daily Change %	0.04%
Today daily open	97.04

Trends
Daily SMA20	97.36
Daily SMA50	98.84
Daily SMA100	98.94
Daily SMA200	98.4

Levels
Previous Daily High	97.72
Previous Daily Low	97
Previous Weekly High	97.72
Previous Weekly Low	96.43
Previous Monthly High	100.56
Previous Monthly Low	97.94
Daily Fibonacci 38.2%	97.28
Daily Fibonacci 61.8%	97.45
Daily Pivot Point S1	96.79
Daily Pivot Point S2	96.54
Daily Pivot Point S3	96.07
Daily Pivot Point R1	97.51
Daily Pivot Point R2	97.97
Daily Pivot Point R3	98.23

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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