- DXY comes under further selling pressure and revisits 104.30.
- Next on the downside comes the post-FOMC low around 102.30.
DXY extends the corrective decline, as the dollar exits the overbought territory at the beginning of the week.
Against that, further retracements remain well on the cards and initially target the minor support at 103.37 (low May 11). The breach of this area could force the index to drop further and visit 102.35 (May 5 low), where decent contention is expected to emerge.
The current bullish stance in the index remains supported by the 8-month line around 97.15, while the longer-term outlook for the dollar is seen constructive while above the 200-day SMA at 96.34.
DXY daily chart
Dollar Index Spot
|Today last price||104.43|
|Today Daily Change||31|
|Today Daily Change %||-0.04|
|Today daily open||104.47|
|Previous Daily High||105.01|
|Previous Daily Low||104.47|
|Previous Weekly High||105.01|
|Previous Weekly Low||103.38|
|Previous Monthly High||103.94|
|Previous Monthly Low||98.31|
|Daily Fibonacci 38.2%||104.68|
|Daily Fibonacci 61.8%||104.8|
|Daily Pivot Point S1||104.29|
|Daily Pivot Point S2||104.11|
|Daily Pivot Point S3||103.75|
|Daily Pivot Point R1||104.83|
|Daily Pivot Point R2||105.19|
|Daily Pivot Point R3||105.37|
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