US Dollar Index technical analysis: DXY on life support, ends the week on its lows

The US Dollar Index (DXY) remains under heavy bearish pressure as this past month of October was the worst for DXY in 21 months.
However, the bullish bias should remain in place while above the 97.00/97.60 support zone.

Flavio Tosti Independent Analyst

DXY weekly chart

The Index is ending near 97.16 and the 50 SMA on the weekly chart. DXY is trading in a bull channel and the market is trading in the lower range of the channel. There is strong support at the 97.00/96.70 support zone. However, if this level doesn’t hold DXY may drop to the 95.84 swing low, putting the bull trend at risk.

DXY daily chart

On the daily chart, the market is trading below its main SMAs, suggesting weakness. A drop to 97.00/96.70 seems likely given the lack of bullish commitment.

Next week, if buyers decide to come back, their first objective will be to break above the 98.00 handle followed by the 98.80 level.

Additional key levels

Dollar Index Spot

Overview
Today last price	97.21
Today Daily Change	-0.11
Today Daily Change %	-0.11
Today daily open	97.32

Trends
Daily SMA20	98.04
Daily SMA50	98.36
Daily SMA100	97.88
Daily SMA200	97.46

Levels
Previous Daily High	97.48
Previous Daily Low	97.22
Previous Weekly High	97.9
Previous Weekly Low	97.15
Previous Monthly High	99.67
Previous Monthly Low	97.15
Daily Fibonacci 38.2%	97.32
Daily Fibonacci 61.8%	97.38
Daily Pivot Point S1	97.2
Daily Pivot Point S2	97.08
Daily Pivot Point S3	96.94
Daily Pivot Point R1	97.46
Daily Pivot Point R2	97.6
Daily Pivot Point R3	97.72

Author

Flavio Tosti

Independent Analyst

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