US Dollar Index Price Analysis: Technical correction could extend to 105.80.

DXY retreats from recent cycle tops near 107.30 (July 7).
Overbought conditions spark the current technical drop.

Pablo Piovano FXStreet

DXY comes under selling pressure following four consecutive daily advances and revisits the sub-107.00 area on Thursday.

Further upside in the dollar remains in store in the short-term horizon, however. Against that, the index could now look to revisit the December 2002 top at 107.31 ahead of the October 2002 high at 108.74.

As long as the 4-month line near 102.60 holds the downside, the near-term outlook for the index should remain constructive.

In addition, the broader bullish view remains in place while above the 200-day SMA at 98.39.

Of note, however, is that the index trades in the overbought territory and it therefore could extend the corrective decline to, initially, the 105.80 region (high June 15).

DXY daily chart

Dollar Index Spot

Overview
Today last price	107.02
Today Daily Change	42
Today Daily Change %	-0.06
Today daily open	107.08

Trends
Daily SMA20	104.77
Daily SMA50	103.67
Daily SMA100	101.27
Daily SMA200	98.34

Levels
Previous Daily High	107.27
Previous Daily Low	106.34
Previous Weekly High	105.64
Previous Weekly Low	103.67
Previous Monthly High	105.79
Previous Monthly Low	101.64
Daily Fibonacci 38.2%	106.92
Daily Fibonacci 61.8%	106.7
Daily Pivot Point S1	106.53
Daily Pivot Point S2	105.97
Daily Pivot Point S3	105.6
Daily Pivot Point R1	107.45
Daily Pivot Point R2	107.83
Daily Pivot Point R3	108.38

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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