US Dollar Index Price Analysis: Next on the downside comes 105.80

DXY remains under pressure in the lower end of the range.
Further weakness could see the post-FOMC top at 105.80 retested.

Pablo Piovano FXStreet

DXY extends the bearish mood and revisits the low-106.00s, where some initial support appears to have turned up so far on Monday.

Considering the ongoing price action, a break below the 106.00 zone should not be ruled out in the short-term horizon. Against that, the index carries the potential to drop further and retest the post-FOMC peak at 105.78 (June 15).

Despite the ongoing downside, the near-term outlook for DXY is seen constructive while above the 5-month support line near 103.60.

In addition, the broader bullish view remains in place while above the 200-day SMA at 99.18.

DXY daily chart

Dollar Index Spot

Overview
Today last price	106.47
Today Daily Change	59
Today Daily Change %	-0.07
Today daily open	106.54

Trends
Daily SMA20	106.57
Daily SMA50	104.56
Daily SMA100	102.55
Daily SMA200	99.14

Levels
Previous Daily High	107.36
Previous Daily Low	106.11
Previous Weekly High	107.96
Previous Weekly Low	106.11
Previous Monthly High	105.79
Previous Monthly Low	101.64
Daily Fibonacci 38.2%	106.59
Daily Fibonacci 61.8%	106.88
Daily Pivot Point S1	105.99
Daily Pivot Point S2	105.43
Daily Pivot Point S3	104.74
Daily Pivot Point R1	107.23
Daily Pivot Point R2	107.92
Daily Pivot Point R3	108.47

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.

GBP/USD remains offered below 1.3600

GBP/USD resumes its decline, reversing Tuesday’s bullish attempt and breaking below 1.3600 the figure on Wednesday. Cable’s marked pullback follows a firm advance in the Greenback as investors continue to assess latest US data as well as the geopolitical landscape.

EUR/USD bounces off lows, retests 1.1650

EUR/USD now manages to regain some balance, trimming earlier losses and reclaiming the mid-1.1600s in the latter part of Wednesday’s NA session. The pair’s retracement comes on the back of a solid performance of the US Dollar, as market participants gear up for upcoming key US data releases and Chair Warsh’s speech at the Jackson Hole Symposium.

Gold puts $4,600 to the test amid USD gains

Gold now faces some renewed downside pressure and seems to challenge the key $4,600 mark per troy ounce on Wednesday. That said, the yellow metal’s correction comes after three daily upticks in a row, fading at the same time the recent move to fresh tops around $4,700. The stronger US Dollar and a decent rebound in US Treasury yields across the curve continue to weigh on bullion.

Bitcoin recovery stalls near $80,000 as ETF inflows mount, whale demand strengthens

Bitcoin price is trading in the green on Wednesday, holding above $78,000 while struggling to extend its recovery above the $80,000 mark. Institutional demand is strengthening, with steady inflows and BlackRock’s tax-deferred Bitcoin-to-ETF swap volume reaching $5 billion.

Nvidia: How will the company perform as its switches from a chip maker to an AI finance house?

The main event for markets this week takes place this evening, after US markets close. Nvidia, the AI giant, will report results for last quarter. Another monster report is expected. Revenues could come in above $92bn, and earnings per share could come in at $2.09.

Kevin Warsh’s Jackson Hole dilemma: Say too much, too little, or just enough

Kevin Warsh is preparing to deliver his first Jackson Hole speech as Federal Reserve (Fed) Chair on Friday, and expectations extend well beyond whether interest rates will be raised or left unchanged in September.