US Dollar Index Price Analysis: DXY on track to record its largest weekly advance since October 2008

DXY is about to end the New York session near its high tick.
Support is seen at the 96.00 and 95.00 figures.

Flavio Tosti Independent Analyst

DXY daily chart

After recording its worst decline in many months DXY (US dollar index) is now on track to register its best weekly gains since October 2008. After one of the worst sessions in history on Thursday, the US stocks are recovering slightly boosting USD across the board.

DXY four-hour chart

DXY is spiking to the upside while nearing the 99.00 figure while trading above the main SMAs suggesting a bullish bias in the medium term. Given the strength, DXY could reach the 99.75/100.00 resistance zone in the coming sessions. Support is seen near the 97.80 and 97.00 levels.

Additional key levels

Dollar Index Spot

Overview
Today last price	98.69
Today Daily Change	1.24
Today Daily Change %	1.27
Today daily open	97.45

Trends
Daily SMA20	98.04
Daily SMA50	97.9
Daily SMA100	97.78
Daily SMA200	97.81

Levels
Previous Daily High	98.33
Previous Daily Low	96.07
Previous Weekly High	98.03
Previous Weekly Low	95.71
Previous Monthly High	99.91
Previous Monthly Low	97.44
Daily Fibonacci 38.2%	97.47
Daily Fibonacci 61.8%	96.93
Daily Pivot Point S1	96.24
Daily Pivot Point S2	95.02
Daily Pivot Point S3	93.98
Daily Pivot Point R1	98.5
Daily Pivot Point R2	99.54
Daily Pivot Point R3	100.76

Author

Flavio Tosti

Independent Analyst

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.