US Dollar Index Technical Analysis: DXY having small correction up after Thursday’s selloff

The US Dollar Index (DXY) bull trend is transitioning into a neutral to bearish trend as the market broke below the 100-day simple moving average (DMA).
DXY had a small reaction up after the sell-off seen on Thursday but the move seem only corrective at this stage. The RSI, MACD and Stochastics indicators are in negative territories suggesting bearish momentum.
Bears targets are 93.71 July 9 swing low and 93.17 June 14 swing low.

Flavio Tosti Independent Analyst

DXY daily chart

Spot rate: 94.21
Relative change: 0.33%
High: 94.33
Low: 93.81

Trend: Neutral to bearish

Resistance 1: 94.43-51 August 28 swing low, 100-day SMA
Resistance 2: 94.91 July 27 high
Resistance 3: 95.00 figure
Resistance 4: 95.24 July 13 high
Resistance 5: 95.52 August 6 high
Resistance 6: 95.65 July 19 high

Support 1: 93.71 July 9 swing low
Support 2: 93.17 June 14 swing low
Support 3: 92.24 May 14 swing low

Author

Flavio Tosti

Independent Analyst

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