US Dollar Index Price Index: DXY bears cheer Trump’s signing of stimulus

DXY refreshes intraday low, drops back below 10-day SMA.
The previous resistance line from November 04 lures the greenback bears.
21-day SMA, monthly resistance line add to the upside barrier.

Anil Panchal FXStreet

US dollar index (DXY) drops to 90.19, down 0.15% intraday, during early Monday. The greenback gauge recently declined after US President Donald Trump signed the coronavirus (COVID-19) relief bill. The White House leader earlier refrained to sign the Congress-backed proposal while demanding the $2,000 as a paycheck amount versus the $600 suggested.

Read: Breaking: President Trump signs coronavirus relief bill

With the latest declines, the greenback gauge revisits the sub-10-day SMA area, which in turn directs the DXY bears towards an eight-week-old previous resistance, currently around 89.97.

Though, any further weakness will make the risk barometer vulnerable to revisit the lowest since April 2018, marked earlier in the month, around 89.72.

Alternatively, 21-day SMA and a falling trend line from December 02, respectively around 90.63 and 90.83, guard immediate upside of the US dollar index.

In a case where the DXY bulls manage to cross 90.83, 91.50 and the monthly top near 92.02 should return to the charts.

DXY daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	90.22
Today Daily Change	-0.11
Today Daily Change %	-0.12%
Today daily open	90.33

Trends
Daily SMA20	90.66
Daily SMA50	91.97
Daily SMA100	92.64
Daily SMA200	95.27

Levels
Previous Daily High	90.33
Previous Daily Low	90.33
Previous Weekly High	91.02
Previous Weekly Low	90.02
Previous Monthly High	94.31
Previous Monthly Low	91.5
Daily Fibonacci 38.2%	90.33
Daily Fibonacci 61.8%	90.33
Daily Pivot Point S1	90.33
Daily Pivot Point S2	90.33
Daily Pivot Point S3	90.33
Daily Pivot Point R1	90.33
Daily Pivot Point R2	90.33
Daily Pivot Point R3	90.33

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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