US Dollar Index Price Analysis: DXY bulls nearing the 97.85 resistance

The inverse head-and-shoulders pattern is keeping the bullish bias intact.
Upside targets can be located near 97.85 and 98.20 levels.

Flavio Tosti Independent Analyst

DXY daily chart

The US dollar index (DXY) is challenging the 200-day simple moving average (SMA) while trading within a rising wedge channel. The ECB press conference weighed on the euro and lifted the US dollar index.

DXY four-hour chart

DXY is trading above the main simple moving averages (SMAs) and a bullish trendline, suggesting a constructive bias in the medium term. The greenback is equally in an inverted head-and-shoulders pattern which is lifting the market towards the 97.85 and 98.20 levels on the way up.

Additional key levels

Dollar Index Spot

Overview
Today last price	97.76
Today Daily Change	0.25
Today Daily Change %	0.26
Today daily open	97.51

Trends
Daily SMA20	97.17
Daily SMA50	97.52
Daily SMA100	97.9
Daily SMA200	97.73

Levels
Previous Daily High	97.69
Previous Daily Low	97.44
Previous Weekly High	97.65
Previous Weekly Low	97.09
Previous Monthly High	98.38
Previous Monthly Low	96.35
Daily Fibonacci 38.2%	97.54
Daily Fibonacci 61.8%	97.59
Daily Pivot Point S1	97.4
Daily Pivot Point S2	97.3
Daily Pivot Point S3	97.15
Daily Pivot Point R1	97.65
Daily Pivot Point R2	97.8
Daily Pivot Point R3	97.9

Author

Flavio Tosti

Independent Analyst

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