US Dollar Index technical analysis: DXY is off daily lows, rebounding from 98.20 level

The Greenback erased the gains made on Wednesday after the Fed cut rates.
DXY (US Dollar Index) is trapped in a two-week range.

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). However, the Greenback has been trading in a trading range in the last two weeks. On Wednesday, the Fed cut 25 bps as it was widely expected but from a technical perspective, nothing as substantially changed.

DXY four-hour chart

DXY is in a range above the 98.20 support and the 200 SMA. There is little directional bias as the range is getting nearer and nearer. Arguably DXY is also forming a triangle pattern with a potential breakout in either direction.

DXY 30-minute chart

DXY was quick to erase the Fed’s inspired spike seen on Wednesday. The market is bouncing from the 98.20 level. Foe any meaningful move to happen, bulls would need a break above the 98.68 resistance while bears would need to clear the 98.00 support.

Additional key levels

Dollar Index Spot

Overview
Today last price	98.34
Today Daily Change	-0.24
Today Daily Change %	-0.24
Today daily open	98.58

Trends
Daily SMA20	98.4
Daily SMA50	97.99
Daily SMA100	97.63
Daily SMA200	97.16

Levels
Previous Daily High	98.69
Previous Daily Low	98.2
Previous Weekly High	99.11
Previous Weekly Low	97.99
Previous Monthly High	99.02
Previous Monthly Low	97.21
Daily Fibonacci 38.2%	98.5
Daily Fibonacci 61.8%	98.39
Daily Pivot Point S1	98.29
Daily Pivot Point S2	98
Daily Pivot Point S3	97.8
Daily Pivot Point R1	98.78
Daily Pivot Point R2	98.98
Daily Pivot Point R3	99.27

Author

Flavio Tosti

Independent Analyst

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