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US Dollar Index Price Analysis: Inverted head-and-shoulders set to lift the greenback

  • The inverse head-and-shoulders pattern can lead to more upside. 
  • Upside targets can be located near 97.85 and 98.20 levels.
 

DXY daily chart

 
The US Dollar Index (DXY) is trading between the 50 and 200-day simple moving average (SMA). DXY is also trading within a rising wedge channel.
 
 

DXY four-hour chart

 
DXY is trading above the main simple moving averages (SMAs) and a rising trendline, suggesting a bullish bias in the medium term. The greenback is also in an inverted head-and-shoulder pattern and the market could stay bullish while above the right shoulder and the 97.20/10 support zone. If buyers decide to lift the market they could reach the 97.85 and 98.20 to the upside. 
 

Additional key levels 

Dollar Index Spot

Overview
Today last price97.56
Today Daily Change-0.04
Today Daily Change %-0.04
Today daily open97.6
 
Trends
Daily SMA2097.18
Daily SMA5097.55
Daily SMA10097.93
Daily SMA20097.72
 
Levels
Previous Daily High97.73
Previous Daily Low97.58
Previous Weekly High97.65
Previous Weekly Low97.09
Previous Monthly High98.38
Previous Monthly Low96.35
Daily Fibonacci 38.2%97.64
Daily Fibonacci 61.8%97.67
Daily Pivot Point S197.54
Daily Pivot Point S297.49
Daily Pivot Point S397.39
Daily Pivot Point R197.69
Daily Pivot Point R297.79
Daily Pivot Point R397.84

Author

Flavio Tosti

Flavio Tosti

Independent Analyst

 

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