USD Index Price Analysis: Further consolidation in the pipeline

DXY keeps the choppy trade well and sound below 105.00.
Recent tops near 105.30 continue to limit the upside in the dollar.

Pablo Piovano FXStreet

DXY surrenders part of Thursday’s marked advance and returns to the area well south of the 105.00 yardstick on Friday.

So far, the continuation of the range bound theme seems the most likely scenario in the very near term for the index. In the meantime, the dollar needs to clear the February peak at 105.35 (February 27) to allow for extra recovery and a potential challenge of the 2023 top at 105.63 (January 6).

In the longer run, while below the 200-day SMA at 106.54, the outlook for the index remains negative.

DXY daily chart

Dollar Index Spot

Overview
Today last price	104.68
Today Daily Change	33
Today Daily Change %	-0.29
Today daily open	104.98

Trends
Daily SMA20	104
Daily SMA50	103.37
Daily SMA100	105.01
Daily SMA200	106.82

Levels
Previous Daily High	105.18
Previous Daily Low	104.34
Previous Weekly High	105.32
Previous Weekly Low	103.76
Previous Monthly High	105.36
Previous Monthly Low	100.81
Daily Fibonacci 38.2%	104.86
Daily Fibonacci 61.8%	104.66
Daily Pivot Point S1	104.49
Daily Pivot Point S2	103.99
Daily Pivot Point S3	103.65
Daily Pivot Point R1	105.33
Daily Pivot Point R2	105.68
Daily Pivot Point R3	106.17

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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