US Dollar Index technical analysis: DXY is on life support holding at one-week low near 98.63

DXY has been hammered down to one-week low.
The market is holding at a key support level at the 98.63 price level.

Flavio Tosti Independent Analyst

DXY daily chart

The US Dollar Index (DXY) is in a bull trend above the main daily simple moving averages (DSMAs). DXY fell as the European Central Bank Minutes showed opposition to QE (Quantitative Easing). In the New York session, the US Core Consumer Price Index (CPI) matched analysts’ expectations at 2.4% YoY.

DXY four-hour chart

DXY is holding on at 98.63 key support near the 200 SMA on the four-hour chart. If the market can hold above this level DXY is set to continue its uptrend potentially revisiting the 99.00/99.10 zone. On the flips side, if the market loses the 96.63 level, then 98.30 can be on the cards for bears.

DXY 30-minute chart

DXY is trading below its main SMAs, suggesting a bearish momentum in the near term. Resistances are seen at the 98.85 and 99.00 price levels.

Additional key levels

Dollar Index Spot

Overview
Today last price	98.72
Today Daily Change	-0.41
Today Daily Change %	-0.41
Today daily open	99.13

Trends
Daily SMA20	98.79
Daily SMA50	98.41
Daily SMA100	97.81
Daily SMA200	97.31

Levels
Previous Daily High	99.16
Previous Daily Low	98.89
Previous Weekly High	99.67
Previous Weekly Low	98.63
Previous Monthly High	99.46
Previous Monthly Low	97.99
Daily Fibonacci 38.2%	99.06
Daily Fibonacci 61.8%	98.99
Daily Pivot Point S1	98.96
Daily Pivot Point S2	98.79
Daily Pivot Point S3	98.69
Daily Pivot Point R1	99.23
Daily Pivot Point R2	99.33
Daily Pivot Point R3	99.5

Author

Flavio Tosti

Independent Analyst

EUR/USD holds losses below 1.1650 on renewed USD uptick

EUR/USD is off the low but remains in the red below 1.1650 in European trading on Thursday. The pair faces headwinds from a renewed uptick in the US Dollar amid a negative shift in risk sentiment. Surging energy prices due to the Middle East war keep the bearish pressure intact on the Euro. The US Jobless Claims data are next of note.

GBP/USD stays weak near 1.3350 amid UK stagflation risks

GBP/USD sticks to losses near 1.3350 in the European session on Thursday. The Pound Sterling loses ground amid fears that the United Kingdom economy could face stagflation risks due to higher energy prices, while the US Dollar attracts fresh havem demand ahead of the US Jobless Claims data.

Gold climbs near $5,200 as Iran war fuels safe-haven demand

Gold price extends its gains for the second successive session on Thursday as traders seek safety amid the ongoing war in the Middle East. US and Israeli strikes across Iranian territory and widespread Iranian missile and drone retaliation across the Middle East, including attacks on regional targets and military sites, prolong the crisis and its impact.

Three reasons to be bearish on Bitcoin

Bitcoin is holding up well taking into account the uncertainty stemming from the Middle East. Despite this week’s rally, the long-term outlook remains bearish. Here are three reasons why I think the storm for the largest cryptocurrency isn't over yet.

FX alert: When Energy still writes the macro script the Dollar holds the pen

The market is quietly sliding back into the trade nobody wanted to own, but everyone now has to respect again. The no quick off-ramp trade. Yesterday’s bounce in risk assets already looks less like a turning point and more like a classic relief rally in a market that briefly inhaled before realizing the room was still on fire.

Cardano Price Analysis: Approaches key trendline amid bearish sentiment

Cardano (ADA) price is approaching its descending trendline around $0.28 at the time of writing, set to shape the next directional move. The derivatives metrics paint a bearish picture, with ADA’s Open Interest continuing to fall and short bets rising among traders.