US Dollar Index Price Analysis: Further downside could test 98.50/60

DXY briefly dropped below the 99.00 support on Tuesday.
Decent support is expected to emerge in the 98.50/60 band.

Pablo Piovano FXStreet

DXY tested the sub-99.00 area on Tuesday, recording at the same time fresh multi-day lows.

The corrective downside could extend to the 98.54/58 band, where coincide the November’s top and a Fibo retracement of the 2020 rally.

Looking at the broader picture, the dollar’s outlook remains constructive while above the 200-day SMA, today at 97.82.

DXY daily chart

Dollar Index Spot

Overview
Today last price	99.32
Today Daily Change	24
Today Daily Change %	0.34
Today daily open	98.98

Trends
Daily SMA20	98.75
Daily SMA50	97.91
Daily SMA100	97.88
Daily SMA200	97.84

Levels
Previous Daily High	99.39
Previous Daily Low	98.88
Previous Weekly High	99.91
Previous Weekly Low	99.04
Previous Monthly High	98.19
Previous Monthly Low	96.42
Daily Fibonacci 38.2%	99.07
Daily Fibonacci 61.8%	99.2
Daily Pivot Point S1	98.78
Daily Pivot Point S2	98.57
Daily Pivot Point S3	98.27
Daily Pivot Point R1	99.29
Daily Pivot Point R2	99.59
Daily Pivot Point R3	99.8

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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