US Dollar Index technical analysis: DXY takes a hit as ECB's QE comes into play

  • The European Central Bank (ECB) sends markets into turmoil as the Bank cuts rates and launch a Quantitative Easing (QE) program. 
  • The US Dollar Index (DXY) erases intraday gains and remains bullish above the 200 DSMA. 

DXY daily chart

DXY (US Dollar Index) is trading in a bull trend above the main daily simple moving averages (DSMAs). The US Dollar Index has been on a rollercoaster this Thursday as the European Central Bank's cut rates by 10 basis points and launch a new Quantitative Easing program. The Greenback is somewhat underpinned by rising 10-year US Bond Yields which are trading at one-month's high. 

DXY four-hour chart

DXY had a sharp spike down and is now settling above 98.20 and the rising 200 SMA, suggesting bullish momentum in the medium term. Initially, bulls will need to overcome the 98.42 and 98.55 resistances after which 98.68 and 98.94 can come back into play although at this stage it is unclear if the market can get that far in the medium term.

DXY 30-minute chart

DXY erased the earlier intraday gains and is now under pressure below its main SMAs. The 98.20 is for now supporting the market. The 98.08 support level might be the last bastion of defence before a more meaningful correction down in the US Dollar. 

Additional key levels

Dollar Index Spot

Today last price 98.37
Today Daily Change -0.26
Today Daily Change % -0.26
Today daily open 98.63
Daily SMA20 98.36
Daily SMA50 97.87
Daily SMA100 97.6
Daily SMA200 97.12
Previous Daily High 98.74
Previous Daily Low 98.31
Previous Weekly High 99.38
Previous Weekly Low 98.08
Previous Monthly High 99.02
Previous Monthly Low 97.21
Daily Fibonacci 38.2% 98.58
Daily Fibonacci 61.8% 98.47
Daily Pivot Point S1 98.38
Daily Pivot Point S2 98.13
Daily Pivot Point S3 97.95
Daily Pivot Point R1 98.81
Daily Pivot Point R2 98.99
Daily Pivot Point R3 99.24



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

AUD/USD: Buyers and sellers jostle around 0.6600 as coronavirus keeps the driver’s seat

AUD/USD carries the New York session’s downbeat sentiment forward while taking rounds to 0.6600 at the start of the Asian session on Wednesday. While the coronavirus-led risk-off keeps the risk barometer under pressure, weakness in the US dollar restricted the pair’s losses.


USD/JPY consolidates losses but bears keep the baton amid coronavirus fears

USD/JPY consolidates losses to 110.20 amid the initial Asian session on Wednesday. That said, the pair portrayed the broad risk-off, led-by coronavirus fears, while declining for the third day in a row during the previous day.


Dollar domination set to continue, with or without coronavirus fears

The coronavirus-related fall in US bond yields has been weighing on the US dollar. Nevertheless – and despite worries coming from Markit's PMIs – the greenback is set to gain more ground.

Read more

Gold: Pares early losses, still in the red below $1650 level

Gold extended previous day's intraday retracement slide from multi-year tops and witnessed some follow-through long-unwinding trade on Tuesday.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info