US Dollar Index Price Analysis: Sell the rallies into 91.00?

DXY adds to the recent upside and approaches 91.00.
The next significant hurdle is located around 91.60.

Pablo Piovano FXStreet

After testing the 2020-2021 support line in the 90.30/40 area, DXY embarked on an upside move that now trades at shouting distance from the key barrier near the 91.00 yardstick.

If the upside impulse picks up pace the next target of note comes in at the so far 2021 highs around 91.60 (February 5). This area of resistance is reinforced by the proximity of the 100-day SMA (91.56).

However, occasional bouts of upside pressure in the index are deemed as corrective only amidst the broader bearish view on the dollar. That said, bullish attempts to the 91.00 hurdle and beyond could represent selling opportunities against the current backdrop.

In the longer run, as long as DXY trades below the 200-day SMA (93.45), the negative stance is expected to persist.

DXY daily chart

Dollar Index Spot

Overview
Today last price	90.85
Today Daily Change	25
Today Daily Change %	0.28
Today daily open	90.6

Trends
Daily SMA20	90.62
Daily SMA50	90.39
Daily SMA100	91.59
Daily SMA200	93.51

Levels
Previous Daily High	90.64
Previous Daily Low	90.12
Previous Weekly High	91.23
Previous Weekly Low	90.25
Previous Monthly High	90.95
Previous Monthly Low	89.21
Daily Fibonacci 38.2%	90.44
Daily Fibonacci 61.8%	90.32
Daily Pivot Point S1	90.27
Daily Pivot Point S2	89.94
Daily Pivot Point S3	89.75
Daily Pivot Point R1	90.78
Daily Pivot Point R2	90.97
Daily Pivot Point R3	91.29

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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