USD Index Price Analysis: Further consolidation could be in the pipeline

DXY gives away part of the strong gains recorded on Wednesday.
The continuation of the range bound theme looks likely.

Pablo Piovano FXStreet

DXY trades on the defensive and returns to the low-111.00s on Thursday.

Despite the ongoing correction, the index could move into a consolidative phase in the next hours ahead of the key Nonfarm Payrolls due on Friday.

In the meantime, the breach of the 110.00 yardstick should open the door to a probable visit to the weekly low at 109.35 (September 20), while the YTD high near 114.80 emerges as the big magnet for bulls.

The prospects for extra gains in the dollar should remain unchanged as long as the index trades above the 7-month support line near 107.50.

In the longer run, DXY is expected to maintain its constructive stance while above the 200-day SMA at 102.75.

DXY daily chart

Dollar Index Spot

Overview
Today last price	111.34
Today Daily Change	65
Today Daily Change %	0.13
Today daily open	111.2

Trends
Daily SMA20	111.14
Daily SMA50	109.07
Daily SMA100	106.94
Daily SMA200	102.78

Levels
Previous Daily High	111.74
Previous Daily Low	110.09
Previous Weekly High	114.78
Previous Weekly Low	111.57
Previous Monthly High	114.78
Previous Monthly Low	107.67
Daily Fibonacci 38.2%	111.11
Daily Fibonacci 61.8%	110.72
Daily Pivot Point S1	110.28
Daily Pivot Point S2	109.36
Daily Pivot Point S3	108.63
Daily Pivot Point R1	111.93
Daily Pivot Point R2	112.66
Daily Pivot Point R3	113.57

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.

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