US Dollar Index technical analysis: DXY tumbles below 97.30 on Fed dovishness

The US Dollar Index (DXY) broke below 97.30 support.
The market is turning bearish and could potentially decline towards 97.00 and 96.74.

Flavio Tosti Independent Analyst

The Greenback sold off as the latest FOMC report is hinting at cutting interest rates. This was perceived as dovish by the market and bearish for the American currency.

DXY daily chart

The US Dollar Index (DXY) is in a bull trend above its 100 and 200-day simple moving averages (DSMA). The market retraced unable to break above 97.80 resistance.

DXY 4-hour chart

DXY broke below the 97.30 level and its 50 and 100 SMAs. It found some support at the 50 SMA just above 97.00.

DXY 30-minute chart

DXY is trading below 97.30 and its main SMAs suggesting bearish momentum in the near term. The 50 SMA is crossing below the 100 SMA which is a bearish sign. The market can potentially decline towards 97.00 and 96.74. Immediate resistance is at 97.30 and 97.55.

Additional key levels

Dollar Index Spot

Overview
Today last price	97.26
Today Daily Change	-0.39
Today Daily Change %	-0.40
Today daily open	97.65

Trends
Daily SMA20	97.44
Daily SMA50	97.5
Daily SMA100	97.09
Daily SMA200	96.61

Levels
Previous Daily High	97.77
Previous Daily Low	97.37
Previous Weekly High	97.59
Previous Weekly Low	96.58
Previous Monthly High	98.38
Previous Monthly Low	97.03
Daily Fibonacci 38.2%	97.62
Daily Fibonacci 61.8%	97.52
Daily Pivot Point S1	97.42
Daily Pivot Point S2	97.2
Daily Pivot Point S3	97.02
Daily Pivot Point R1	97.82
Daily Pivot Point R2	98
Daily Pivot Point R3	98.22

Author

Flavio Tosti

Independent Analyst

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