USD Index Price Analysis: There is an initial resistance around 107.00

Pablo Piovano FXStreet

- DXY now comes under some downside pressure near 106.50.

- Occasional bullish attempts should meet the next hurdle near 107.00.

DXY sees its recent upside momentum somewhat trimmed and revisits the mid-106.00s at the end of the week.

If the index breaks above the weekly top at 106.89 (October 26), it could then target the round level of 107.00 prior to the 2023 high of 107.34 (October 3).

So far, while above the key 200-day SMA, today at 103.39, the outlook for the index is expected to remain constructive.

DXY daily chart

Dollar Index Spot

Overview
Today last price	106.56
Today Daily Change	37
Today Daily Change %	-0.06
Today daily open	106.62

Trends
Daily SMA20	106.34
Daily SMA50	105.34
Daily SMA100	103.77
Daily SMA200	103.38

Levels
Previous Daily High	106.89
Previous Daily Low	106.52
Previous Weekly High	106.67
Previous Weekly Low	105.96
Previous Monthly High	106.84
Previous Monthly Low	103.27
Daily Fibonacci 38.2%	106.75
Daily Fibonacci 61.8%	106.66
Daily Pivot Point S1	106.46
Daily Pivot Point S2	106.3
Daily Pivot Point S3	106.08
Daily Pivot Point R1	106.83
Daily Pivot Point R2	107.05
Daily Pivot Point R3	107.21

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.

GBP/USD revisits 1.3530; Dollar pushes harder

GBP/USD adds to the weekly correction and recedes toward the 1.3530 zone on Friday. Indeed, Cable faces increasing selling pressure on the back of extra gains in the Greenback, particularly fuelled by Chair Warsh’s speech at the Jackson Hole Symposium and the US NFP Annual Revision (-79K).

EUR/USD breaches below 1.1600, multi-day lows

EUR/USD now accelerates its decline and retreats to seven-day troughs in the sub-1.1600 region at the end of the week. The pair’s pullback comes on the back of the strong rebound in the US Dollar after Chair Warsh delivered a hawkish message in Jackson Hole, while the US NFP Annual Revision came in at -79K.

Gold challenges its 200-day SMA near $4,530

Gold’s decline gathers fresh steam, hitting weekly lows while disputing its critical 200-day SMA near $4,530 per troy ounce. The yellow metal’s increasing weakness comes in response to the generalised upbeat tone in the US Dollar and the widespread rebound in US Treasury yields, as investors continue to reprice a Fed rate hike in September.

Week ahead: RBNZ and BoC decide on rates ahead of all-important US NFP

The US dollar staged a modest recovery this week, perhaps as traders decided to cover some of their short positions amid slightly stickier or in-line US PCE inflation numbers for July, confounding expectations of softer prints amid the softness revealed in the CPI data for the month.

CFTC Report: CAD short covering leads; Gold buying surges

The week in one sentence: speculative positioning shifted more constructively in the week to August 25. CAD short covering led the move, followed by a broad reduction in EUR shorts and renewed Gold buying. GBP and VIX positioning also improved, while JPY positioning deteriorated and WTI flows diverged from weaker prices.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.