US Dollar Index Price Analysis: Remains poised to recapture 101.00

The US dollar index climbs to retest Thursday’s high of 100.76.
Firmer yields, inflation and Ukraine risks keep the safe-haven dollar underpinned.
The DXY has more room to rise, looks to regain 101.00

Dhwani Mehta FXStreet

The US dollar index (DXY) is holding onto the latest advance well above the 100.50 barrier, as bulls keep their sight on the previous week’s high of 100.76.

The buying interest around the dollar gauge remains unabated amid the uncertainty over the Ukraine crisis and China’s covid lockdowns, which are disrupting supply chains and sending inflation through the roof via surging commodities prices.

This, in turn, flags risks of a global recession, directing the risk-off flows into the safe haven buck. Additionally, rallying US Treasury yields on the hawkish Fed’s outlook and commentary add to the upside in the dollar.

Technically, the index has more room to rise and could briefly recapture the 101.00 after the price yielded an upside break from the rectangle pattern on April 5.

The bullish confirmation triggered a fresh uptrend in the DXY, with the pattern target now seen at 101.08. Ahead of that, bulls need to take out Thursday’s high.

The 14-day Relative Strength Index (RSI) looks north well above the midline, backing the bullish case.

On the flip side, the 100.50 level will be the initial demand area, below which sellers will accelerate control towards the April 12 highs of 100.33.

The dollar bears would then look to test the 100 psychological mark.

US Dollar Index: Daily chart

US Dollar Index: Additional levels to watch

Dollar Index Spot

Overview
Today last price	100.68
Today Daily Change	0.18
Today Daily Change %	0.18
Today daily open	100.49

Trends
Daily SMA20	99.21
Daily SMA50	97.98
Daily SMA100	97.01
Daily SMA200	95.27

Levels
Previous Daily High	100.57
Previous Daily Low	100.31
Previous Weekly High	100.76
Previous Weekly Low	99.57
Previous Monthly High	99.41
Previous Monthly Low	96.63
Daily Fibonacci 38.2%	100.47
Daily Fibonacci 61.8%	100.41
Daily Pivot Point S1	100.34
Daily Pivot Point S2	100.19
Daily Pivot Point S3	100.07
Daily Pivot Point R1	100.61
Daily Pivot Point R2	100.72
Daily Pivot Point R3	100.88

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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