US Dollar Index technical analysis: DXY rises above the 98.00 handle as ECB might exceed market expectations

DXY (US Dollar Index) broke above the 98.00 handle as the Euro gets slammed by ECB’s Olli Rehn.
The next targets on the way can be located at 98.10 and the 98.38 levels.

Flavio Tosti Independent Analyst

DXY daily chart

DXY (US Dollar Index) is trading in a bull trend above its main daily simple moving averages (DSMAs). DXY got an indirect boost as the European Central Bank’s (ECB) member Olli Rehn said that ECB stimulus package in September might beat expectations. Earlier, the Retail Sales Control Group in July beat expectations adding to the positive tone on the Greenback.

DXY 4-hour chart

The market is trading above the 98.10 level and its main SMAs. DXY bulls could drive the market towards the 98.38 resistance, which could be the last line of defense before the 98.68 and the 98.93 levels.

DXY 30-minute chart

The buying pressure keeps the Greenback near daily highs. Immediate support could be found near the 98.10 and 97.95 levels.

Additional key levels

Dollar Index Spot

Overview
Today last price	98.14
Today Daily Change	0.15
Today Daily Change %	0.15
Today daily open	97.99

Trends
Daily SMA20	97.73
Daily SMA50	97.23
Daily SMA100	97.37
Daily SMA200	96.97

Levels
Previous Daily High	98.05
Previous Daily Low	97.66
Previous Weekly High	98.11
Previous Weekly Low	97.21
Previous Monthly High	98.68
Previous Monthly Low	96.28
Daily Fibonacci 38.2%	97.9
Daily Fibonacci 61.8%	97.81
Daily Pivot Point S1	97.75
Daily Pivot Point S2	97.51
Daily Pivot Point S3	97.36
Daily Pivot Point R1	98.14
Daily Pivot Point R2	98.29
Daily Pivot Point R3	98.53

Author

Flavio Tosti

Independent Analyst

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