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USD Index Price Analysis: Decent support emerges around 106.00

  • DXY picks up upside traction and reverses two daily pullbacks in a row.
  • The continuation of the rebound targets the 106.80 region.

DXY leaves behind the pessimism seen in the first half of the week and revisits the low-106.00s on Wednesday.

In case the bullish impulse accelerates, the surpass of the weekly high of 106.78 (October 12) could encourage the index to embark on a potential test of the 2023 top of 107.34 (October 3) in the short-term horizon.

In the meantime, while above the key 200-day SMA, today at 103.25, the outlook for the index is expected to remain constructive.

DXY daily chart

Dollar Index Spot

Overview
Today last price106.28
Today Daily Change37
Today Daily Change %0.08
Today daily open106.19
 
Trends
Daily SMA20106.2
Daily SMA50104.89
Daily SMA100103.6
Daily SMA200103.24
 
Levels
Previous Daily High106.52
Previous Daily Low106.02
Previous Weekly High106.79
Previous Weekly Low105.54
Previous Monthly High106.84
Previous Monthly Low103.27
Daily Fibonacci 38.2%106.22
Daily Fibonacci 61.8%106.33
Daily Pivot Point S1105.97
Daily Pivot Point S2105.75
Daily Pivot Point S3105.47
Daily Pivot Point R1106.47
Daily Pivot Point R2106.75
Daily Pivot Point R3106.97

Author

Pablo Piovano

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

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