US Dollar Index Price Analysis: Further consolidation seems favoured

DXY adds to Monday’s pullback and retreats to the low-108.00s.
The downside appears limited by the 107.60 zone (August 26).

Pablo Piovano FXStreet

DXY keeps correcting lower following Monday’s rejection from fresh cycle highs around 109.50.

The index seems to have moved into a consolidative phase, with the lower bound in recent lows near 107.60 (August 26 low). On the other hand, the surpass of the 2022 high at 109.47 (August 29) could encourage the dollar to revisit the September 2002 top at 109.77 ahead of the round level at 110.00.

In the meantime, while above the 6-month support line around 105.40, DXY is expected to keep the short-term positive stance.

Looking at the long-term scenario, the bullish view in the dollar remains in place while above the 200-day SMA at 100.80.

DXY daily chart

Dollar Index Spot

Overview
Today last price	108.55
Today Daily Change	61
Today Daily Change %	-0.20
Today daily open	108.77

Trends
Daily SMA20	107
Daily SMA50	106.5
Daily SMA100	104.57
Daily SMA200	100.7

Levels
Previous Daily High	109.48
Previous Daily Low	108.48
Previous Weekly High	109.27
Previous Weekly Low	107.53
Previous Monthly High	109.29
Previous Monthly Low	104.69
Daily Fibonacci 38.2%	108.86
Daily Fibonacci 61.8%	109.1
Daily Pivot Point S1	108.34
Daily Pivot Point S2	107.92
Daily Pivot Point S3	107.35
Daily Pivot Point R1	109.34
Daily Pivot Point R2	109.91
Daily Pivot Point R3	110.33

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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