US Dollar Index Price Analysis: Corrective decline temporary only

DXY gives away part of the recent gains, back near 96.70.
Further upside is seen testing the 97.00 yardstick.

Pablo Piovano FXStreet

DXY corrects lower after hitting new cycle peaks in the area just below the 97.00 yardstick on Wednesday.

The continuation of the uptrend looks the most likely scenario despite the ongoing and temporary knee-jerk. That said, the round level at 97.00 now emerges as the immediate target for dollar bulls ahead of 97.80 (June 30 2020).

In the meantime, while above the 2-month support line (off September’s low) just below 94.00, extra gains in DXY remain well on the table. The broader constructive stance remains underpinned by the 200-day SMA at 92.38.

DXY daily chart

Dollar Index Spot

Overview
Today last price	96.71
Today Daily Change	15
Today Daily Change %	-0.14
Today daily open	96.85

Trends
Daily SMA20	94.98
Daily SMA50	94.27
Daily SMA100	93.45
Daily SMA200	92.36

Levels
Previous Daily High	96.94
Previous Daily Low	96.43
Previous Weekly High	96.25
Previous Weekly Low	94.97
Previous Monthly High	94.56
Previous Monthly Low	93.28
Daily Fibonacci 38.2%	96.75
Daily Fibonacci 61.8%	96.63
Daily Pivot Point S1	96.54
Daily Pivot Point S2	96.23
Daily Pivot Point S3	96.03
Daily Pivot Point R1	97.05
Daily Pivot Point R2	97.25
Daily Pivot Point R3	97.56

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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