- The DXY adds to Tuesday’s bearishness and breaks 107.00.
- Further weakness could send the index falling to the 105.30 area.
The US Dollar Index (DXY) remains bid and briefly tests the 106.80 zone, or three-day low, on Wednesday.
Should the selling pressure pick up, the dollar could give up more ground and challenge the November low at 105.34 (15 Nov). This area of contention appears to be underpinned by the proximity of the ever-relevant 200 SMA, today at 105.22.
As long as it is above the 200 SMA, the outlook for the index should remain constructive.
DXY day chart
Spot Dollar Index
|Last price today||107.1|
|today’s daily change||41|
|today’s daily variation||-0.06|
|today’s daily opening||107.16|
|previous daily high||107.82|
|previous daily low||107.12|
|Previous Weekly High||107.27|
|previous weekly low||105.32|
|Previous Monthly High||113.95|
|Previous monthly minimum||109.54|
|Fibonacci daily 38.2%||107.39|
|Daily Fibonacci of 61.8%||107.55|
|Daily Pivot Point S1||106.91|
|Daily Pivot Point S2||106.67|
|Daily Pivot Point S3||106.22|
|Daily Pivot Point R1||107.61|
|Daily Pivot Point R2||108.07|
|Daily Pivot Point R3||108.31|
Source: Fx Street