US Dollar Index Price Analysis: A deeper retracement gathers traction

DXY resumes the downside and re-visits the 89.70 region.
The 2021 low at 89.20 (January 6) awaits in the pipeline.

Pablo Piovano FXStreet

DXY adds to Thursday’s weakness and returns to the area of monthly lows around 89.70.

The dollar’s view remains negative for the time being and thus leaves a deeper retracement of the index well on the cards in the very near-term. Against this, there is still scope for a pullback to the YTD low at 89.20 (January 6) in the shorter run.

In the meantime, and looking at the broader scenario, while below the 200-day SMA, today at 91.7876 the outlook for the buck is forecast to remain negative.

DXY daily chart

Dollar Index Spot

Overview
Today last price	89.7
Today Daily Change	22
Today Daily Change %	-0.07
Today daily open	89.76

Trends
Daily SMA20	90.6
Daily SMA50	91.5
Daily SMA100	91.06
Daily SMA200	91.78

Levels
Previous Daily High	90.23
Previous Daily Low	89.76
Previous Weekly High	90.91
Previous Weekly Low	89.98
Previous Monthly High	93.33
Previous Monthly Low	90.42
Daily Fibonacci 38.2%	89.94
Daily Fibonacci 61.8%	90.05
Daily Pivot Point S1	89.6
Daily Pivot Point S2	89.45
Daily Pivot Point S3	89.13
Daily Pivot Point R1	90.07
Daily Pivot Point R2	90.39
Daily Pivot Point R3	90.55

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.

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