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US Dollar Index Price Analysis: Downside seen as corrective only

  • DXY meets some decent resistance in the 95.80 region.
  • The upside remains underpinned by the 4-month line near 95.30.

DXY is giving away part of the recent strong advance and returning to the 95.50 zone on Wednesday.

The intense upside in the dollar has recently surpassed the 4-month line, today around 95.25, and in doing so it has reinstated the bullish bias in the near term. That said, the next target of note should now come at the YTD high at 96.46 recorded on January 4 ahead of the 2021 high at 96.93 (November 24).

Looking at the broader picture, the longer-term positive stance in the dollar remains unchanged above the 200-day SMA at 93.17.

Dollar Index Spot

Overview
Today last price95.6
Today Daily Change21
Today Daily Change %-0.15
Today daily open95.74
 
Trends
Daily SMA2095.81
Daily SMA5095.98
Daily SMA10094.76
Daily SMA20093.19
 
Levels
Previous Daily High95.83
Previous Daily Low95.13
Previous Weekly High96.24
Previous Weekly Low94.63
Previous Monthly High96.92
Previous Monthly Low95.57
Daily Fibonacci 38.2%95.56
Daily Fibonacci 61.8%95.4
Daily Pivot Point S195.3
Daily Pivot Point S294.86
Daily Pivot Point S394.6
Daily Pivot Point R196
Daily Pivot Point R296.27
Daily Pivot Point R396.7

Author

Pablo Piovano

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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