US Dollar Index technical analysis: Worst weekly decline since June sends DXY down to the 200-day SMA

The US Dollar Index (DXY) is under heavy bearish pressure as the market prints its worst weekly decline since mid-June 2019.
This Friday, the negative sentiment on the Greenback sent the Index down to the critical 200-day simple moving average.

Flavio Tosti Independent Analyst

DXY weekly chart

The US Dollar Index (DXY) had its worst weekly decline since June 2019. However, the Index is still trading above its main SMAs (simple moving averages), suggesting that the bull trend is still in place for now.

DXY daily chart

The drop in the Greenback this week saw the Index breaking below both the 50 and 100 SMAs. Now it is the 200 SMA which is being put to the test. Next week, it will be interesting to see how the market reacts around this important level.

DXY four-hour chart

DXY is under heavy bearish pressure below its main SMAs as the market broke below the 97.60 support level. Given the strong bearish momentum, it can be expected that the market can drop to the 97.20 level. Further down lies the 96.70 support.

Additional key levels

Dollar Index Spot

Overview
Today last price	97.37
Today Daily Change	-0.22
Today Daily Change %	-0.23
Today daily open	97.59

Trends
Daily SMA20	98.74
Daily SMA50	98.46
Daily SMA100	97.83
Daily SMA200	97.39

Levels
Previous Daily High	98.12
Previous Daily Low	97.49
Previous Weekly High	99.26
Previous Weekly Low	98.19
Previous Monthly High	99.46
Previous Monthly Low	97.99
Daily Fibonacci 38.2%	97.73
Daily Fibonacci 61.8%	97.88
Daily Pivot Point S1	97.35
Daily Pivot Point S2	97.1
Daily Pivot Point S3	96.72
Daily Pivot Point R1	97.98
Daily Pivot Point R2	98.36
Daily Pivot Point R3	98.61

Author

Flavio Tosti

Independent Analyst

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