US Dollar Index Technical Analysis: The index recorded 2019 peaks and is now targets 97.70

The rally in the greenback is now taking a break in the 97.00 area after hitting fresh yearly tops in the 97.10/15 band on Monday.
The current constructive view on DXY allows for the up move to advance further, targeting 2018 highs around 97.70 recorded in mid-December.
The positive outlook on the buck remains underpinned by the 200-day SMA at 95.45 and is also reinforced by a Fibo retracement of the September-December rally at 95.30.

Pablo Piovano FXStreet

DXY daily chart

Dollar Index Spot

Overview:
    Today Last Price: 97.04
    Today Daily change: 11 pips
    Today Daily change %: -0.02%
    Today Daily Open: 97.06
Trends:
    Daily SMA20: 96.12
    Daily SMA50: 96.4
    Daily SMA100: 96.27
    Daily SMA200: 95.43
Levels:
    Previous Daily High: 97.12
    Previous Daily Low: 96.62
    Previous Weekly High: 96.69
    Previous Weekly Low: 95.58
    Previous Monthly High: 96.96
    Previous Monthly Low: 95.03
    Daily Fibonacci 38.2%: 96.93
    Daily Fibonacci 61.8%: 96.81
    Daily Pivot Point S1: 96.75
    Daily Pivot Point S2: 96.43
    Daily Pivot Point S3: 96.25
    Daily Pivot Point R1: 97.25
    Daily Pivot Point R2: 97.43
    Daily Pivot Point R3: 97.75

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD holds losses below 1.1850 ahead of FOMC Minutes

EUR/USD stays on the back foot below 1.1850 in the European session on Wednesday, pressured by renewed US Dollar demand and reports that ECB President Lagarde will step down before the end of her term. Traders now look forward to the Minutes of the Fed's January monetary policy meeting for fresh signals on future rate cuts.

GBP/USD defends 1.3550 after UK inflation data

GBP/USD is holding above 1.3550 in Wednesday's European morning, little changed following the UK Consumer Price Index (CPI) data release. The UK inflation eased as expected in January, reaffirming bets for a March BoE interest rate cut, especially after Tuesday's weak employment report.

Gold retains bullish bias amid Fed rate cut bets, ahead of Fed Minutes

Gold sticks to modest intraday gains through the early European session, reversing a major part of the previous day's heavy losses of more than 2%, to the $4,843-4,842 region or a nearly two-week low. That said, the fundamental backdrop warrants caution for bulls ahead of the FOMC Minutes, which will look for more cues about the US Federal Reserve's rate-cut path.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.