US Dollar Index technical analysis: DXY rises to the 97.00 handle

DXY is picking up some steam this Wednesday.
The level to beat for bulls is 97.00.

Flavio Tosti Independent Analyst

DXY daily chart

The US Dollar Index (DXY) is in a bull trend above the 96.74 support and the 200-day simple moving averages (DSMA). The market is testing the 100 SMA and 97.00 figure.

DXY 4-hour chart

DXY is testing the 50 SMA.

DXY 30-minute chart

DXY is under bullish pressure above its main SMAs. Bulls want a break above 97.00 and a continuation towards 97.30 and 97.55. Support is at 97.74 and 96.40.

Additional key levels

Dollar Index Spot

Overview
Today last price	97.01
Today Daily Change	0.29
Today Daily Change %	0.30
Today daily open	96.72

Trends
Daily SMA20	97.57
Daily SMA50	97.48
Daily SMA100	97.02
Daily SMA200	96.56

Levels
Previous Daily High	96.89
Previous Daily Low	96.64
Previous Weekly High	97.81
Previous Weekly Low	96.46
Previous Monthly High	98.38
Previous Monthly Low	97.03
Daily Fibonacci 38.2%	96.74
Daily Fibonacci 61.8%	96.79
Daily Pivot Point S1	96.61
Daily Pivot Point S2	96.5
Daily Pivot Point S3	96.36
Daily Pivot Point R1	96.86
Daily Pivot Point R2	97
Daily Pivot Point R3	97.11

Author

Flavio Tosti

Independent Analyst

EUR/USD revisits 1.1780, or daily lows

EUR/USD now comes under further selling pressure, breaking below the 1.1800 support to reach daily troughs on Thursday. The pair’s decline comes in response to a sudden bout of USD strength amid steady geopolitical tensions. Ealier in the day, the ECB’s Lagarde delivered cautious remarks, although the currency remained apathetic.

GBP/USD makes a U-turn, challenges 1.3500

GBP/USD rapidly leaves behind Wednesday’s strong advance, putting the 1.3500 support to the test on Thursday. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold sticks to the bid bias, flirts with $5,200

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The precious metal adds to Wednesday’s optimism despite the Greenback trades in a firm fashion, although geopolitical tensions in the Middle East keep the yellow metal bid for now.