US Dollar Index Price Analysis: Further weakness on the cards

DXY breaks below the 95.00 support with conviction.
Immediately to the downside comes the 100-day SMA at 94.64.

Pablo Piovano FXStreet

DXY extends the downside further and opens the door to a deeper retracement in the very near term.

Indeed, the index broke below the 4m support line near 95.10 and the 200-week SMA at 95.07 and in doing so the upside pressure now looks mitigated, allowing for extra losses to, initially, the 100-day SMA at 94.64. If this level is breached, then there are no relevant support levels until October’s low at 93.27 (October 28 2021).

Looking at the broader picture, the longer-term positive stance remains unchanged above the 200-day SMA at 93.11.

DXY daily chart

Dollar Index Spot

Overview
Today last price	94.77
Today Daily Change	31
Today Daily Change %	-0.25
Today daily open	95.01

Trends
Daily SMA20	96.04
Daily SMA50	95.89
Daily SMA100	94.66
Daily SMA200	93.12

Levels
Previous Daily High	95.69
Previous Daily Low	94.91
Previous Weekly High	96.46
Previous Weekly Low	95.71
Previous Monthly High	96.92
Previous Monthly Low	95.57
Daily Fibonacci 38.2%	95.21
Daily Fibonacci 61.8%	95.39
Daily Pivot Point S1	94.71
Daily Pivot Point S2	94.42
Daily Pivot Point S3	93.93
Daily Pivot Point R1	95.5
Daily Pivot Point R2	95.99
Daily Pivot Point R3	96.28

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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