US Dollar Index Price Analysis: Potential correction ahead of further upside

DXY fades the initial spike to fresh tops in the 92.50/55 band.
Overbought levels could sponsor a transitory leg lower.

Pablo Piovano FXStreet

DXY’s upside momentum appears to have run out of steam in the 92.50 area, or new 3-month peaks, on Thursday.

If the buying impulse gathers extra steam, then there are no relevant hurdles until the so far YTD tops in the mid-93.00s (March 31). Further north comes in the November 2020 high near 94.30.

In the meantime, and looking at the broader scenario, the outlook for the dollar is seen constructive while above the 200-day SMA (91.44).

DXY daily chart

Dollar Index Spot

Overview
Today last price	92.33
Today Daily Change	24
Today Daily Change %	-0.03
Today daily open	92.36

Trends
Daily SMA20	91.17
Daily SMA50	90.72
Daily SMA100	91.17
Daily SMA200	91.45

Levels
Previous Daily High	92.45
Previous Daily Low	92
Previous Weekly High	92.38
Previous Weekly Low	91.51
Previous Monthly High	92.45
Previous Monthly Low	89.66
Daily Fibonacci 38.2%	92.28
Daily Fibonacci 61.8%	92.17
Daily Pivot Point S1	92.09
Daily Pivot Point S2	91.82
Daily Pivot Point S3	91.64
Daily Pivot Point R1	92.54
Daily Pivot Point R2	92.72
Daily Pivot Point R3	92.99

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.

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