Dollar Index Price Analysis: Upside target now emerges at 115.00

  • DXY breaks above 114.00 area and sets new cycle highs.
  • Immediately on the upside is the hurdle at the 115.00 area.

The US Dollar Index (DXY) adds to the ongoing recovery and breaks above the 114.00 barrier for the first time since May 2002.

Prospects for further dollar gains should remain unchanged as long as the index trades above the 7-month support line near 106.80. That said, occasional bouts of weakness could be seen as buying opportunities, with the immediate target now sitting around the 115.00 level, ahead of the May 2002 high of 115.32.

In the longer term, DXY is expected to maintain its constructive stance as long as it is above the 200 SMA at 102.12.

DXY day chart

Dollar Index Spot

Panorama
Last Price Today 113.58
Today’s Daily Change 0.56
Today’s Daily Change % 0.50
Today’s Daily Opening 113.02
Trends
20 Daily SMA 110.04
50 Daily SMA 108.17
100 Daily SMA 106.27
200 Daily SMA 102.13
levels
Previous Daily High 113.02
Previous Daily Minimum 113.02
Previous Maximum Weekly 113.24
Previous Weekly Minimum 109.36
Monthly Prior Maximum 109.48
Previous Monthly Minimum 104.64
Daily Fibonacci 38.2% 113.02
Daily Fibonacci 61.8% 113.02
Daily Pivot Point S1 113.02
Daily Pivot Point S2 113.02
Daily Pivot Point S3 113.02
Daily Pivot Point R1 113.02
Daily Pivot Point R2 113.02
Daily Pivot Point R3 113.02

Source: Fx Street

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