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.
  
 

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

 

 

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