US Dollar Index Price Analysis: DXY remains pressured towards 96.00

DXY fades bounce off monthly support line below 21-DMA.
Downbeat Momentum, sustained break of two-month-old previous support line favor sellers.
Two-week-old descending trend line adds to the upside filters.

Anil Panchal FXStreet

US Dollar Index (DXY) remains on the back foot around 96.10, down 0.06% intraday, during early Monday.

The greenback gauge bounced off a one-week low the previous day while taking a U-turn from an upward sloping support line from November 30. However, the rebound couldn’t cross the immediate upside hurdle, namely the 21-DMA, which in turn joins the downbeat Momentum line to keep bears hopeful.

Adding to the bearish bias is the DXY’s sustained trading below the support-turned-resistance line from late October, as well as a descending trend line from December 15.

That said, a clear downside break of the immediate support line, near 96.00, becomes necessary for the US Dollar Index bears before eyeing the 38.2% Fibonacci retracement of October-November upside, near 95.53.

Alternatively, an upside clearance of the 21-DMA level of 96.21 will trigger short-term advances towards the fortnight-long resistance line near 96.40.

However, the previous support line and the last month’s top, respectively around 96.50 and the 97.00 threshold, will be tough nuts to crack for the DXY bulls.

DXY: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	96.11
Today Daily Change	-0.05
Today Daily Change %	-0.05%
Today daily open	96.16

Trends
Daily SMA20	96.22
Daily SMA50	95.34
Daily SMA100	94.28
Daily SMA200	92.91

Levels
Previous Daily High	96.19
Previous Daily Low	95.96
Previous Weekly High	96.68
Previous Weekly Low	95.96
Previous Monthly High	96.94
Previous Monthly Low	93.82
Daily Fibonacci 38.2%	96.1
Daily Fibonacci 61.8%	96.05
Daily Pivot Point S1	96.02
Daily Pivot Point S2	95.87
Daily Pivot Point S3	95.79
Daily Pivot Point R1	96.25
Daily Pivot Point R2	96.34
Daily Pivot Point R3	96.49

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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