US Dollar Index Price Analysis: A move above the 2021 high remains on the cards

DXY adds to recent gains and approaches the YTD peak.
A break above 94.56 opens the door to test 94.74.

Pablo Piovano FXStreet

The buying pressure around the dollar extends for the second straight session and motivates DXY to flirt with the 2021 high in the mid-94.00s (October 12).

If the yearly tops are cleared, then the focus of attention is expected to gyrate to the September 2020 top at 94.74 ahead of the round level at 95.00 in the short-term horizon.

Extra gains remain well in the pipeline as long as the index navigates above the short-term resistance line (off the September low) near 93.50.

DXY daily chart

Dollar Index Spot

Overview
Today last price	94.53
Today Daily Change	27
Today Daily Change %	0.21
Today daily open	94.33

Trends
Daily SMA20	93.95
Daily SMA50	93.46
Daily SMA100	92.99
Daily SMA200	92.03

Levels
Previous Daily High	94.47
Previous Daily Low	93.83
Previous Weekly High	94.3
Previous Weekly Low	93.28
Previous Monthly High	94.56
Previous Monthly Low	93.28
Daily Fibonacci 38.2%	94.23
Daily Fibonacci 61.8%	94.08
Daily Pivot Point S1	93.95
Daily Pivot Point S2	93.57
Daily Pivot Point S3	93.3
Daily Pivot Point R1	94.59
Daily Pivot Point R2	94.85
Daily Pivot Point R3	95.23

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 weakens below 1.1700 as Middle East tensions drive US Dollar strength

The EUR/USD pair trades with mild losses around 1.1685, the lowest since late January, during the early Asian session on Tuesday. The US Dollar gathers strength against the Euro as escalating tensions in the Middle East boost safe-haven currencies. The preliminary reading of the Harmonized Index of Consumer Prices from the Eurozone will be published later on Tuesday.

GBP/USD hovers around 1.3400 with bearish pressure intact

GBP/USD edges higher after three days of losses, trading around 1.3400 during the Asian hours on Tuesday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold defends bids as US-Iran war continues to fuel safe-haven flows

Gold retains positive bias for the fifth consecutive day on Tuesday as rising geopolitical tensions in the Middle East continue to underpin safe-haven assets. However, a bullish US Dollar keeps the bullion below its highest level since late January, set on Monday, warranting caution before positioning for any further appreciation.