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.

Flavio Tosti Independent Analyst

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 price	97.56
Today Daily Change	-0.04
Today Daily Change %	-0.04
Today daily open	97.6

Trends
Daily SMA20	97.18
Daily SMA50	97.55
Daily SMA100	97.93
Daily SMA200	97.72

Levels
Previous Daily High	97.73
Previous Daily Low	97.58
Previous Weekly High	97.65
Previous Weekly Low	97.09
Previous Monthly High	98.38
Previous Monthly Low	96.35
Daily Fibonacci 38.2%	97.64
Daily Fibonacci 61.8%	97.67
Daily Pivot Point S1	97.54
Daily Pivot Point S2	97.49
Daily Pivot Point S3	97.39
Daily Pivot Point R1	97.69
Daily Pivot Point R2	97.79
Daily Pivot Point R3	97.84

Author

Flavio Tosti

Independent Analyst

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