US Dollar Index Technical Analysis: DXY ends the week at five-day lows, near 98.00 handle

DXY this week started to correct the early November advance.
The next key supports are seen at the 97.80 and 97.50 levels.

Flavio Tosti Independent Analyst

DXY weekly chart

DXY (US Dollar Index) retreated slightly this week as the Index is trading above its main weekly simple moving averages in a bull channel.

DXY daily chart

DXY (US Dollar Index) is trading in a bull trend above the 200-day simple moving average (DMA). This Friday the buck dropped to its lowest in five-days near the 100 DMA located at 98.02.

DXY 4-hour chart

DXY is correcting down below its 50 and 200 SMAs, suggesting a bearish bias in the medium term. The market is trying to break below the 98.00 handle. Next week if there is bearish follow-through, the market might continue to decline towards the 97.80 support level. If that support fails to hold prices, then 97.50 can be on the cards.

Additional key levels

Dollar Index Spot

Overview
Today last price	97.98
Today Daily Change	-0.18
Today Daily Change %	-0.18
Today daily open	98.16

Trends
Daily SMA20	97.77
Daily SMA50	98.29
Daily SMA100	98
Daily SMA200	97.56

Levels
Previous Daily High	98.42
Previous Daily Low	98.11
Previous Weekly High	98.4
Previous Weekly Low	97.17
Previous Monthly High	99.67
Previous Monthly Low	97.15
Daily Fibonacci 38.2%	98.23
Daily Fibonacci 61.8%	98.3
Daily Pivot Point S1	98.04
Daily Pivot Point S2	97.92
Daily Pivot Point S3	97.73
Daily Pivot Point R1	98.35
Daily Pivot Point R2	98.54
Daily Pivot Point R3	98.66

Author

Flavio Tosti

Independent Analyst

EUR/USD onsolidates around mid-1.1800s as traders keenly await FOMC Minutes

The EUR/USD pair struggles to capitalize on the previous day's goodish rebound from the 1.1800 neighborhood, or a one-and-a-half-week low, and consolidates in a narrow band during the Asian session on Wednesday. Spot prices currently trade just below mid-1.1800s, nearly unchanged for the day.

GBP/USD seems vulnerable near mid-1.3500s; UK CPI/FOMC Minutes awaited

The GBP/USD pair struggles to capitalize on the previous day's late rebound from an over one-week low – levels below the 1.3500 psychological mark – and trades with a negative bias for the third consecutive day on Wednesday. The downside, however, remains cushioned as investors seem reluctant to place aggressive directional bets ahead of the release of the latest UK consumer inflation figures and FOMC Minutes.

Gold regains positive traction after Tuesday's over 2% slump as traders await FOMC Minutes

Gold gains some positive traction during the Asian session on Wednesday and recovers a part of the previous day's heavy losses more than 2%, to the $4,843-4,842 region or a nearly two-week low. The intraday move higher could be attributed to repositioning trade ahead of the release of the FOMC Minutes.

Top Crypto Gainers: Jito drops, Morpho holds steady, Convex Finance climbs

Decentralized Finance tokens, including Jito, Morpho, and Convex Finance, rank among the top-performing crypto assets over the last 24 hours. Jito dips on Wednesday after rallying 22% the previous day on the launch of a new mainnet node.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.