US Dollar Index Price Analysis: Probable consolidation ahead of further losses


  • DXY struggles to get further traction above 90.30.
  • A move higher and a test of 91.00 still remains on the cards.

After bottoming out in fresh lows near 89.20 earlier in the new year, the dollar managed to regain moderate buying attention and extended the move to the vicinity of 90.70 earlier in the week where it met a tough resistance so far.

Despite the ongoing rebound, the prospect for the greenback remains fragile. Indeed, after a potential brief consolidative period, the index is expected to challenge the 90.00 level and eventually re-test the 2021 lows near 89.20 (January 6th) ahead of the 89.00 yardstick and the March 2018 low at 88.94.

In the longer run, as long as DXY trades below the 200-day SMA, today at 94.55, the negative view is forecast to prevail.

DXY daily chart

Dollar Index Spot

Overview
Today last price 90.34
Today Daily Change 25
Today Daily Change % 0.01
Today daily open 90.33
 
Trends
Daily SMA20 90.04
Daily SMA50 91.09
Daily SMA100 92.23
Daily SMA200 94.61
 
Levels
Previous Daily High 90.46
Previous Daily Low 89.92
Previous Weekly High 90.25
Previous Weekly Low 89.21
Previous Monthly High 92.02
Previous Monthly Low 89.52
Daily Fibonacci 38.2% 90.25
Daily Fibonacci 61.8% 90.13
Daily Pivot Point S1 90.02
Daily Pivot Point S2 89.7
Daily Pivot Point S3 89.48
Daily Pivot Point R1 90.55
Daily Pivot Point R2 90.77
Daily Pivot Point R3 91.08

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD hits fresh one-month low amid souring market mood

EUR/USD has been extending its falls and dips below 1.21 as US retail sales badly disappointed and the worsening mood is supporting the safe-haven dollar. Markets digest Biden's stimulus plan. US Consumer Sentiment declined to 59.2 points. 

EUR/USD News

GBP/USD retreats toward 1.36 amid fresh dollar strength

GBP/US has pared its gains and falls toward 1.36 as the dollar gains ground. The UK economy shrank by 2.6% in November, better than estimated. The UK is ramping up its vaccination campaign and PM Johnson is pressured to ease the lockdown. 

GBP/USD News

Gold extends sideways grind near $1,850

The XAU/USD pair registered small daily gains on Thursday but struggled to extend its recovery amid a lack of significant fundamental drivers on Friday. As of writing, the pair was up 0.15% on a daily basis at $1,849.

Gold news

Forex Today: Markets “sell the fact” on Biden's stimulus, dollar rises, retail sales eyed

Markets are on the back foot after Biden hinted about tax hikes while introducing stimulus. The safe-haven dollar is edging higher despite Powell's pledge to keep monetary policy accommodative. 

Read more

DXY breaks above key downtrend, eyes move above 91.00

USD has been strongly supported on what has shaped up to be a very much risk off final trading day of the week. Most G10/USD pairs have seen significant weakness, aside from CHF/USD and JPY/USD, given that the two currencies are also considered “safe havens”.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures