US Dollar Index technical analysis: DXY on the back foot ahead of the FOMC

  • The Greenback is losing steam ahead of the FOMC at 18:00 GMT. 
  • The level to beat for sellers is the 98.20 support. 

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 trading in a range in the last two weeks. Traders will be watching the FOMC closely for fresh directional clues. The market has already priced in a 25 bps rate cut.

DXY four-hour chart

DXY is trading below the 50/100 SMAs, suggesting a consolidation in the medium term. If sellers 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 resistances are at the 98.42 and 98.55 price levels. 

Additional key levels

Dollar Index Spot

Today last price 98.33
Today Daily Change 0.11
Today Daily Change % 0.11
Today daily open 98.22
Daily SMA20 98.39
Daily SMA50 97.96
Daily SMA100 97.62
Daily SMA200 97.15
Previous Daily High 98.75
Previous Daily Low 98.19
Previous Weekly High 99.11
Previous Weekly Low 97.99
Previous Monthly High 99.02
Previous Monthly Low 97.21
Daily Fibonacci 38.2% 98.4
Daily Fibonacci 61.8% 98.54
Daily Pivot Point S1 98.02
Daily Pivot Point S2 97.83
Daily Pivot Point S3 97.46
Daily Pivot Point R1 98.58
Daily Pivot Point R2 98.95
Daily Pivot Point R3 99.14



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