US Dollar Index Price Analysis: Extra gains in the pipeline

DXY records new cycle tops near 97.40 on Friday.
Next on the upside is seen the June 2020 high at 97.80.

Pablo Piovano FXStreet

DXY pushes higher and clinches fresh highs in levels last seen in June 2020 in the 97.40/45 band on Friday.

The intense upside in the dollar quickly left behind the 97.00 barrier and remains well poised to extend the leg higher in the short-term horizon. That said, the door now remains open to a potential move to the June 2020 peak at 97.80 (June 30) ahead of the round level at 98.00.

In the short-term horizon, the upside pressure remains intact while above the 4-month line near 95.50. Looking at the broader picture, the longer-term positive stance in the dollar remains unchanged above the 200-day SMA at 93.35.

DXY daily chart

Dollar Index Spot

Overview
Today last price	97.37
Today Daily Change	30
Today Daily Change %	0.14
Today daily open	97.23

Trends
Daily SMA20	95.82
Daily SMA50	96.07
Daily SMA100	95.02
Daily SMA200	93.35

Levels
Previous Daily High	97.29
Previous Daily Low	96.49
Previous Weekly High	95.86
Previous Weekly Low	95.04
Previous Monthly High	96.92
Previous Monthly Low	95.57
Daily Fibonacci 38.2%	96.99
Daily Fibonacci 61.8%	96.8
Daily Pivot Point S1	96.71
Daily Pivot Point S2	96.2
Daily Pivot Point S3	95.91
Daily Pivot Point R1	97.52
Daily Pivot Point R2	97.81
Daily Pivot Point R3	98.32

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.

EUR/USD trims losses, back to 1.1830

EUR/USD manages to regain some composure, leaving behind part of the earlier losses and reclaim the 1.1830 region on Tuesday. In the meantime, the US Dollar’s upside impulse loses some momentum while investors remain cautious ahead of upcoming US data releases, including the FOMC Minutes.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.