US Dollar Index Price Analysis: Potential short-term top near 93.70

DXY adds to Thursday’s losses below the key 93.00 support.
Immediately to the downside aligns the weekly low at 92.70.

Pablo Piovano FXStreet

The index has come under further downside pressure after being rejected once again from the 93.60/70 band on Thursday.

Further decline thus remains likely with the next target at the weekly lows at 92.70. A move further south of this level should put the 2020 low near 91.70 back on the investors’ radar.

The negative outlook in DXY is seen unchanged while below the 200-day SMA, today at 97.18.

DXY daily chart

Dollar Index Spot

Overview
Today last price	92.88
Today Daily Change	19
Today Daily Change %	-0.03
Today daily open	92.91

Trends
Daily SMA20	92.95
Daily SMA50	93.66
Daily SMA100	95.89
Daily SMA200	97.21

Levels
Previous Daily High	93.61
Previous Daily Low	92.87
Previous Weekly High	93.66
Previous Weekly Low	92.7
Previous Monthly High	94
Previous Monthly Low	92
Daily Fibonacci 38.2%	93.15
Daily Fibonacci 61.8%	93.33
Daily Pivot Point S1	92.65
Daily Pivot Point S2	92.39
Daily Pivot Point S3	91.91
Daily Pivot Point R1	93.39
Daily Pivot Point R2	93.87
Daily Pivot Point R3	94.13

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.