US Dollar Index technical analysis: DXY ending the week near 98.42 resistance

DXY (US Dollar Index) reacted positively after optimistic comments from Fed’s Powell.
The level to beat for bulls is at 98.42 and 98.68 resistance levels.

Flavio Tosti Independent Analyst

DXY daily chart

DXY (US Dollar Index) is trading in a bull trend above its main daily simple moving averages (DSMAs). DXY is trading mixed after the release of the Non-farm Payrolls (NFP) in the United States (US). The monthly data came in below expectations with only 130K jobs added in August vs. 158K forecast. However, the wages, the Average Hourly Earnings, beat expectations with 3.2% vs. 3.1% forecast. Earlier, FOMC Chairman Jerome Powell said he was not expecting a recession in the US. His optimistic comments triggered some modest strength in the USD.

DXY four-hour chart

The Greenback is trading above the 98.0 support and the 100/200 SMAs. DXY bulls need to overcome the 92.42 resistance to reclaim the 98.68 price level in the medium term.

DXY 30-minute chart

DXY is trading below the main SMAs, suggesting bearish momentum in the near term. However, if the market holds above 98.10 it would be seen as a sign of bullish strength. The next support is seen at 97.90 price level.

Additional key levels

Dollar Index Spot

Overview
Today last price	98.4
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	98.4

Trends
Daily SMA20	98.21
Daily SMA50	97.72
Daily SMA100	97.56
Daily SMA200	97.09

Levels
Previous Daily High	98.54
Previous Daily Low	98.08
Previous Weekly High	99.02
Previous Weekly Low	97.62
Previous Monthly High	99.02
Previous Monthly Low	97.21
Daily Fibonacci 38.2%	98.36
Daily Fibonacci 61.8%	98.26
Daily Pivot Point S1	98.14
Daily Pivot Point S2	97.88
Daily Pivot Point S3	97.68
Daily Pivot Point R1	98.6
Daily Pivot Point R2	98.8
Daily Pivot Point R3	99.06

Author

Flavio Tosti

Independent Analyst

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