Dollar Index Price Analysis: Technical Correction Could Extend Further

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  • DXY trimmed early gains to the 113.80 area on Thursday.
  • In the short term, it seems that there will be more falls.

The US Dollar Index (DXY) seems to reverse some of Wednesday’s sharp pullback, although the upside attempt appears to have met stiff resistance near 113.80.

Despite the rebound, the dollar continues to fall. Conversely, the corrective leg lower could extend to the weekly low at 109.35 (Sep 20), before the 55-day SMA at 108.41.

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In a broader scenario, the prospects for additional dollar gains should not change as long as the index trades above the 7-month support line around 107.10.

In the longer term, DXY is expected to maintain its constructive stance as long as it is above the 200-day SMA at 102.38.

DXY daily chart

dollar spot index

last price today 112.96
daily change today 99
Today’s daily variation 0.22
Daily opening today 112.71
daily SMA20 110.69
daily SMA50 108.59
daily SMA100 106.55
daily SMA200 102.4
Previous daily high 114.78
Previous Daily Low 112.56
Previous Weekly High 113.24
Previous Weekly Low 109.36
Previous Monthly High 109.48
Previous Monthly Low 104.64
Daily Fibonacci of 38.2% 113.41
Daily Fibonacci of 61.8% 113.93
Daily Pivot Point S1 111.92
Daily Pivot Point S2 111.13
Daily Pivot Point S3 109.7
Daily Pivot Point R1 114.14
Daily Pivot Point R2 115.57
Daily Pivot Point R3 116.36

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Source: Fx Street

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