US Dollar Index Price Analysis: Downside could extend further

The index meets a formidable hurdle in the 97.60 region.
The loss of the 97.00 support could accelerate losses.

Pablo Piovano FXStreet

The index keeps correcting lower following another rejection of 2020 highs in the 97.60 zone, where also converges the 55-day SMA.

DXY is flirting with both the 10-day and 21-day SMAs and remains vulnerable to further downside.

That said, the next significant support emerges at the 97.00 mark. A breakdown of this level carries the potential to spark another visit to lows near 96.30 (late December).

DXY daily chart

Dollar Index Spot

Overview
Today last price	97.14
Today Daily Change	13
Today Daily Change %	-0.08
Today daily open	97.22

Trends
Daily SMA20	97.2
Daily SMA50	97.59
Daily SMA100	97.96
Daily SMA200	97.72

Levels
Previous Daily High	97.44
Previous Daily Low	97.16
Previous Weekly High	97.58
Previous Weekly Low	96.54
Previous Monthly High	98.38
Previous Monthly Low	96.35
Daily Fibonacci 38.2%	97.27
Daily Fibonacci 61.8%	97.33
Daily Pivot Point S1	97.11
Daily Pivot Point S2	96.99
Daily Pivot Point S3	96.83
Daily Pivot Point R1	97.39
Daily Pivot Point R2	97.55
Daily Pivot Point R3	97.67

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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