US Dollar Index Price Analysis: Recovery has further legs to go

DXY regains part of the ground lost on Wednesday’s pullback.
The surpass of monthly peaks could extend to 93.00.

Pablo Piovano FXStreet

DXY leaves behind the initial pessimism and now returns to the positive ground in the 92.50 zone.

The prospects for the dollar keep pointing to further gains in the short-term horizon. That said, if monthly tops around 92.85 are cleared, then the door should open to a quick move to 93.00 ahead of the so far 2021 highs near 93.50 recorded in late March.

In the meantime, and looking at the broader scenario, the constructive stance on the dollar is expected to remain unchanged as long as the index trades above the 200-day SMA, today at 91.37.

DXY daily chart

Dollar Index Spot

Overview
Today last price	92.5
Today Daily Change	26
Today Daily Change %	0.14
Today daily open	92.37

Trends
Daily SMA20	92.19
Daily SMA50	91.01
Daily SMA100	91.37
Daily SMA200	91.38

Levels
Previous Daily High	92.83
Previous Daily Low	92.35
Previous Weekly High	92.85
Previous Weekly Low	92
Previous Monthly High	92.45
Previous Monthly Low	89.66
Daily Fibonacci 38.2%	92.53
Daily Fibonacci 61.8%	92.65
Daily Pivot Point S1	92.2
Daily Pivot Point S2	92.04
Daily Pivot Point S3	91.72
Daily Pivot Point R1	92.68
Daily Pivot Point R2	93
Daily Pivot Point R3	93.16

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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