US Dollar Index Price Analysis: DXY bulls brace for fresh 2021 high

DXY crossed monthly horizontal resistance, firmer of late.
Sustained trading beyond key SMAs, bullish MACD signals favor buyers.
Multiple bottoms around 95.85 add to the downside filters.

Anil Panchal FXStreet

US Dollar Index (DXY) stays firmer, keeping Friday’s bullish breakout of monthly resistance near 96.70 during Monday’s Asian session.

In addition to the previous resistance breakout, bullish MACD signals and firmer RSI line, not overbought, also signal the greenback gauge’s further advances.

However, the 96.80 and the 97.00 levels may offer intermediate halts during the quote’s anticipated rally towards the 97.55 mark comprising 61.8% Fibonacci Expansion (FE) of November 09-30 moves.

Meanwhile, corrective pullback remains elusive until the quote stays beyond the resistance-turned-support near 96.60, a break of which will direct DXY towards a 100-SMA level of 96.25.

It should be noted, however, that a horizontal line from December 08 and 200-SMA, respectively near 95.85 and 95.70, will test the US Dollar Index bears afterward.

To sum up, DXY crossed the key hurdle to refresh the yearly top but further gains need validation.

DXY: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	96.68
Today Daily Change	0.00
Today Daily Change %	0.00%
Today daily open	96.68

Trends
Daily SMA20	96.29
Daily SMA50	95.14
Daily SMA100	94.08
Daily SMA200	92.8

Levels
Previous Daily High	96.68
Previous Daily Low	95.88
Previous Weekly High	96.92
Previous Weekly Low	95.85
Previous Monthly High	96.94
Previous Monthly Low	93.82
Daily Fibonacci 38.2%	96.37
Daily Fibonacci 61.8%	96.18
Daily Pivot Point S1	96.15
Daily Pivot Point S2	95.61
Daily Pivot Point S3	95.34
Daily Pivot Point R1	96.95
Daily Pivot Point R2	97.22
Daily Pivot Point R3	97.76

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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