US Dollar Index technical analysis: DXY in search for direction ahead of FOMC on Wednesday

The Greenback is ending Tuesday near its lows as the Greenback is on a rollercoaster.
Investors will be watching for clues on the FOMC this Wednesday.

Flavio Tosti Independent Analyst

DXY daily chart

DXY (US Dollar Index) is trading in a bull trend above the main daily simple moving averages (DSMAs). The Greenback has been quite choppy in the last two weeks. Investors will be taking their cues this Wednesday with the FOMC.

DXY four-hour chart

DXY is trading below the 50/100 SMAs, suggesting a consolidation in the medium term. The market is ending the day just above the 98.20 support and the 200 SMA. However, DXY is looking for a clear direction as investors are stirring the Greenback back and forth. If bears overcome the 98.20 support, the market can decline towards the 97.60 and 97.20 swing lows.

DXY 30-minute chart

DXY is trading below the main SMAs, suggesting a bearish bias in the near term. Immediate resistance is at the 98.42 and 98.55 price levels.

Additional key levels

Dollar Index Spot

Overview
Today last price	98.23
Today Daily Change	-0.41
Today Daily Change %	-0.42
Today daily open	98.64

Trends
Daily SMA20	98.38
Daily SMA50	97.94
Daily SMA100	97.61
Daily SMA200	97.14

Levels
Previous Daily High	98.71
Previous Daily Low	98.04
Previous Weekly High	99.11
Previous Weekly Low	97.99
Previous Monthly High	99.02
Previous Monthly Low	97.21
Daily Fibonacci 38.2%	98.45
Daily Fibonacci 61.8%	98.3
Daily Pivot Point S1	98.22
Daily Pivot Point S2	97.79
Daily Pivot Point S3	97.55
Daily Pivot Point R1	98.89
Daily Pivot Point R2	99.13
Daily Pivot Point R3	99.56

Author

Flavio Tosti

Independent Analyst

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