US Dollar Index Technical Analysis: Greenback surges more than 1% as DXY bulls reach 94.70

  • The US Dollar Index (DXY) broke through multiple resistances on Thursday as it rose more than 1% on the day. DXY broke above the 94.44 resistance which is June 1 swing high.
  • The spike up is very strong and more buying is likely to be expected in the coming sessions.
  • In the very short term, it is reasonable to expect a period of consolidation after the bull breakout. 

DXY 15-minute chart

Spot rate:                94.70
Relative change:     1.30%     
High:                       94.70
Low:                        93.19

Trend:                     Bullish 

Resistance 1:         94.83 May 29 close
Resistance 2:         95.03 current 2018 high
Resistance 3:         96.00 figure

Support 1:         94.44 June 1, swing high
Support 2:         94.00 figure
Support 3:         93.73, 200-period SMA

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