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US Dollar Index Price Analysis: Some technical correction should not be ruled out

DXY records new highs just above the 102.00 yardstick on Tuesday.
Extra gains could see the 2020 high near 103.00 retested.

Pablo Piovano FXStreet

The upside bias in the dollar remains unabated and pushes DXY to record fresh highs in levels last traded back in March 2020 above the 102.00 barrier on Tuesday.

The ongoing intense upside has just entered the overbought territory – as per the daily RSI above 70 - and this could be the prologue to a potential technical correction in the short-term horizon. The underlying bullish bias, however, remains intact and still targets the 2020 high at 102.99 (March 20).

The current bullish stance in the index remains supported by the 7-month line near 96.70, while the longer-term outlook for the dollar is seen constructive while above the 200-day SMA at 95.55.

DXY daily chart

Dollar Index Spot

Overview

Today last price

101.9

Today Daily Change

Today Daily Change %

0.15

Today daily open

101.75

Trends

Daily SMA20

99.87

Daily SMA50

98.6

Daily SMA100

97.3

Daily SMA200

95.52

Levels

Previous Daily High

101.86

Previous Daily Low

101.06

Previous Weekly High

101.34

Previous Weekly Low

99.81

Previous Monthly High

99.41

Previous Monthly Low

96.63

Daily Fibonacci 38.2%

101.55

Daily Fibonacci 61.8%

101.36

Daily Pivot Point S1

101.25

Daily Pivot Point S2

100.75

Daily Pivot Point S3

100.45

Daily Pivot Point R1

102.05

Daily Pivot Point R2

102.36

Daily Pivot Point R3

102.86

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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