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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD tension remains elevated ahead of the Fed

EUR/USD is trading around 1.1050, confined to a narrow range ahead of the all-important Fed decision. Chair Powell is set to cut rates by 25bps but signal no further stimulus is on the cards.


GBP/USD extends its falls to 1.2450 amid weak UK inflation, Brexit impasse

GBP/USD has dropped to around 1.2450 as UK headline CPI missed with 1.7% in August. Brexit negotiations remain stuck according to Chief EU negotiator Barnier. The Fed decision is eyed.


USD/JPY holds on to recovery gains above 108.00 ahead of Fed

Not only upbeat trade numbers from Japan but upbeat trade/political headlines also help the USD/JPY pair to remain firm around 108.20 prior to Wednesday’s European session. Focus on FOMC decision.


Gold: Pivots around $1500 mark, awaits FOMC policy update

Gold extended its sideways consolidative price action through the early European session on Wednesday and was seen pivoting around the key $1500 psychological mark, awaiting FOMC policy decision.

Gold News

Top 3 price prediction Bitcoin, Ripple, Ethereum: Cryptos seeing multiple launches into the universe

The Altcoin market has quickly confirmed Tuesday’s analysis with flashing rises in the last 24 hours. The two eternal aspirants to lead the crypto market – Ethereum and XRP – are rising sharply against Bitcoin and increasing its value rapidly.

Read more