US Dollar Index Price Analysis: Downside should be corrective only

DXY recedes from recent 2021 highs around 94.56.
Intermittent dips are seen as buying opportunities.

Pablo Piovano FXStreet

DXY faces some selling pressure and corrects from Tuesday’s YTD highs in the 94.55/60 band.

The ongoing price action allows the index to keep the buying bias well in place and open the door to further upside in the not-so-distant future. That said, next target emerges at the September 2020 high at 94.74 and the 200-week SMA, today at 94.76. Further north should come the round level at 95.00.

Looking at the broader picture, the constructive stance on the index is seen unchanged above the 200-day SMA at 91.75.

DXY daily chart

Dollar Index Spot

Overview
Today last price	94.46
Today Daily Change	29
Today Daily Change %	-0.06
Today daily open	94.52

Trends
Daily SMA20	93.7
Daily SMA50	93.13
Daily SMA100	92.39
Daily SMA200	91.73

Levels
Previous Daily High	94.56
Previous Daily Low	94.23
Previous Weekly High	94.45
Previous Weekly Low	93.68
Previous Monthly High	94.51
Previous Monthly Low	91.95
Daily Fibonacci 38.2%	94.43
Daily Fibonacci 61.8%	94.36
Daily Pivot Point S1	94.31
Daily Pivot Point S2	94.1
Daily Pivot Point S3	93.98
Daily Pivot Point R1	94.65
Daily Pivot Point R2	94.77
Daily Pivot Point R3	94.98

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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