US Dollar Index Price Analysis: Next support comes in at 89.50

DXY remains within a narrow range around the 90.00 level.
Immediate contention emerges at the 89.50 region.

Pablo Piovano FXStreet

DXY treads water around the 90.00 neighbourhood at the beginning of the week.

Last week’s rebound to the vicinity of 90.50 lacked follow through and sparked a subsequent pullback to the current levels. If bulls fail to regain the 90.50 area in the near-term, then DXY could be exposed to a deeper retracement to, initially, last week’s lows in the mid-89.00s.

Further south comes in the YTD low at 89.20 (January 6).

In the meantime, and looking at the broader scenario, while below the 200-day SMA, today at 91.67 the outlook for the buck is forecast to remain negative.

DXY daily chart

Dollar Index Spot

Overview
Today last price	90.05
Today Daily Change	16
Today Daily Change %	-0.01
Today daily open	90.06

Trends
Daily SMA20	90.33
Daily SMA50	91.29
Daily SMA100	91.08
Daily SMA200	91.69

Levels
Previous Daily High	90.44
Previous Daily Low	89.98
Previous Weekly High	90.44
Previous Weekly Low	89.54
Previous Monthly High	93.33
Previous Monthly Low	90.42
Daily Fibonacci 38.2%	90.27
Daily Fibonacci 61.8%	90.16
Daily Pivot Point S1	89.88
Daily Pivot Point S2	89.7
Daily Pivot Point S3	89.42
Daily Pivot Point R1	90.34
Daily Pivot Point R2	90.62
Daily Pivot Point R3	90.8

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.

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.