US Dollar Index Price Analysis: Correction lower could test the mid-98.00s

  • The rally in DXY run out of some steam above the 99.00 mark.
  • There is scope for the downside to extend to the 98.54 level.

DXY is shedding some ground after reaching fresh yearly peaks in the proximity of 99.20 earlier on Friday.

The current overbought levels in the dollar coupled with the strong rally carry the potential to spark a correction lower to, initially, the November 2019 top at 98.54 in the near-term.

Looking at the broader picture, the constructive perspective on the dollar is seen unaltered as long as the 200-day SMA at 97.76 underpins.

DXY daily chart

Dollar Index Spot

Today last price 99.07
Today Daily Change 11
Today Daily Change % -0.04
Today daily open 99.11
Daily SMA20 98.1
Daily SMA50 97.59
Daily SMA100 97.86
Daily SMA200 97.77
Previous Daily High 99.11
Previous Daily Low 98.85
Previous Weekly High 98.71
Previous Weekly Low 97.44
Previous Monthly High 98.19
Previous Monthly Low 96.42
Daily Fibonacci 38.2% 99.01
Daily Fibonacci 61.8% 98.95
Daily Pivot Point S1 98.94
Daily Pivot Point S2 98.76
Daily Pivot Point S3 98.68
Daily Pivot Point R1 99.2
Daily Pivot Point R2 99.28
Daily Pivot Point R3 99.46



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