US Dollar Index Price Analysis: Next target on the upside is at 94.80

DXY finally breaks above the 94.00 barrier on Wednesday.
The resistance line near 94.80 emerges as the next interim hurdle.

Pablo Piovano FXStreet

The persistent upside momentum in the dollar pushed DXY to fresh multi-week peaks above the 94.00 yardstick on Wednesday.

The continuation of this trend now targets the 94.80 region, where sits the 6-month resistance line ahead of other minor hurdles at the 100-day SMA (95.64) and a Fibo level at 96.03.

The bearish view on DXY is seen unchanged while below the 200-day SMA, today at 97.13.

DXY daily chart

Dollar Index Spot

Overview
Today last price	93.95
Today Daily Change	32
Today Daily Change %	-0.02
Today daily open	93.97

Trends
Daily SMA20	93
Daily SMA50	93.48
Daily SMA100	95.71
Daily SMA200	97.16

Levels
Previous Daily High	94.08
Previous Daily Low	93.47
Previous Weekly High	93.61
Previous Weekly Low	92.77
Previous Monthly High	94
Previous Monthly Low	92
Daily Fibonacci 38.2%	93.85
Daily Fibonacci 61.8%	93.7
Daily Pivot Point S1	93.6
Daily Pivot Point S2	93.23
Daily Pivot Point S3	92.98
Daily Pivot Point R1	94.21
Daily Pivot Point R2	94.46
Daily Pivot Point R3	94.83

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 stays below 1.1850 after dismal German sentiment data

EUR/USD stays in negative territory below 1.1850 in the second half of the day on Tuesday. Renewed US Dollar strength, combined with a softer risk tone keep the pair undermined alongside downbeat German ZEW sentiment readings for February.

GBP/USD falls toward 1.3550, pressured by weak UK jobs report

GBP/USD remains under bearish pressure and extends its decline below 1.3600 on Tuesday. The United Kingdom employment data suggested worsening labor market conditions, bolstering bets for a BoE interest rate cut next month and making it difficult for Pound Sterling to stay resilient against its peers.

Gold recovers modestly, stays deep in red below $4,950

Gold (XAU/USD) stages a rebound but remains deep in negative territory below $4,950 after touching its weakest level in over a week near $4,850 earlier in the day. Renewed US Dollar strength makes it difficult for XAU/USD to gather recovery momentum despite the risk-averse market atmosphere.

Canada CPI expected to show sticky inflation in January, still above BoC’s target

Economists see the headline CPI rising by 2.4% in a year to January, still above the BoC’s target and matching December’s increase. On a monthly basis, prices are expected to rise by 0.1%.

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.

Stellar mixed sentiment caps recovery

Stellar price remains under pressure, trading at $0.170 on Tuesday after failing to close above the key resistance on Sunday. The derivatives metric supports the bearish sentiment, with XLM’s short bets rising among traders and funding rates turning negative.