US Dollar Index Price Analysis: A deeper pullback could see 93.00 retested

DXY remains on the defensive and gradually approaches 93.00.
A breach of 93.00 puts the 92.70 region back on the radar.

Pablo Piovano FXStreet

DXY navigates the area of multi-day lows in the 93.20/15 band on Tuesday, extending at the same time the recent failure at the 6-month resistance line.

A deeper pullback further south of the 93.00 neighbourhood is expected to pave the way for another visit to, initially, the mid-September lows in the 92.70 region.

While below the 200-day SMA, today at 96.80, the negative view on the dollar is expected to persist.

DXY daily chart

Dollar Index Spot

Overview
Today last price	93.17
Today Daily Change	35
Today Daily Change %	-0.27
Today daily open	93.42

Trends
Daily SMA20	93.76
Daily SMA50	93.3
Daily SMA100	94.61
Daily SMA200	96.83

Levels
Previous Daily High	93.77
Previous Daily Low	93.21
Previous Weekly High	93.91
Previous Weekly Low	93.01
Previous Monthly High	94.74
Previous Monthly Low	91.74
Daily Fibonacci 38.2%	93.42
Daily Fibonacci 61.8%	93.55
Daily Pivot Point S1	93.16
Daily Pivot Point S2	92.9
Daily Pivot Point S3	92.6
Daily Pivot Point R1	93.72
Daily Pivot Point R2	94.02
Daily Pivot Point R3	94.28

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold: Volatility persists in commodity space

After losing more than 8% to end the previous week, Gold remained under heavy selling pressure on Monday and dropped toward $4,400. Although XAU/USD staged a decisive rebound afterward, it failed to stabilize above $5,000. The US economic calendar will feature Nonfarm Payrolls and Consumer Price Index data for January, which could influence the market pricing of the Federal Reserve’s policy outlook and impact Gold’s performance.

Week ahead: US NFP and CPI data to shake Fed cut bets, Japan election looms

US NFP and CPI data awaited after Warsh’s nomination as Fed chief. Yen traders lock gaze on Sunday’s snap election. UK and Eurozone Q4 GDP data also on the agenda. China CPI and PPI could reveal more weakness in domestic demand.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.