US Dollar Index Price Analysis: Extra gains could test 94.00

DXY extends the bounce off lows to the 93.70 region on Monday.
Further recovery is forecasted to meet resistance around 94.00.

Pablo Piovano FXStreet

DXY is adding to Friday’s recovery and moves further north of the 93.00 mark after bottoming out near 92.50 last Thursday.

If the buying impetus does not subside, then the index is seen re-visiting the so far monthly peaks around 94.00 (August 3), where it is expected to meet strong resistance.

The negative outlook on the dollar is expected to remain unaltered while below the 200-day SMA, today at 97.90. Against this backdrop, a breakdown of 92.52 should open the door to a deeper pullback to the Fibo level (of the 2017-2018 drop) at 91.92 ahead of the May 2018 low at 91.80.

DXY daily chart

Dollar Index Spot

Overview
Today last price	93.68
Today Daily Change	40
Today Daily Change %	0.28
Today daily open	93.42

Trends
Daily SMA20	94.46
Daily SMA50	96.01
Daily SMA100	97.9
Daily SMA200	97.93

Levels
Previous Daily High	93.63
Previous Daily Low	92.76
Previous Weekly High	94
Previous Weekly Low	92.5
Previous Monthly High	97.64
Previous Monthly Low	92.55
Daily Fibonacci 38.2%	93.3
Daily Fibonacci 61.8%	93.09
Daily Pivot Point S1	92.91
Daily Pivot Point S2	92.4
Daily Pivot Point S3	92.04
Daily Pivot Point R1	93.77
Daily Pivot Point R2	94.13
Daily Pivot Point R3	94.64

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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