Categories: Markets

DXY Price Analysis: Next upside target at 2022 peak

DXY Price Analysis: Next upside target at 2022 peak
  • DXY extends Tuesday’s gains and recovers the area above 109.00.
  • Immediately on the upside is the cycle high at 109.47 (Aug 29).

The US Dollar Index trades firmer and extends the rebound past the 109.00 barrier on Wednesday.

The index appears to have entered a consolidation phase, with the lower bound at recent lows near 107.60 (Aug 26 low). On the other hand, further rallies are initially targeting the 2022 high at 109.47 (Aug 29) before the Sept 2002 high at 109.77 and the round level at 110.00.

Meanwhile, if it remains above the 6-month support line around 105.50, DXY is expected to maintain the positive stance in the short term.

As for the long-term scenario, the bullish view of the dollar remains as long as it is above the 200-day simple moving average at 100.87.

DXY day chart

Dollar Index Spot

Panorama
Last Price Today 109.1
Today’s Daily Change 0.28
Today’s Daily Change % 0.26
Today’s Daily Opening 108.82
Trends
20 Daily SMA 107.17
50 Daily SMA 106.59
100 Daily SMA 104.66
200 Daily SMA 100.76
levels
Previous Daily High 109.11
Previous Daily Minimum 108.27
Previous Maximum Weekly 109.27
Previous Weekly Minimum 107.53
Monthly Prior Maximum 109.29
Previous Monthly Minimum 104.69
Daily Fibonacci 38.2% 108.79
Daily Fibonacci 61.8% 108.59
Daily Pivot Point S1 108.36
Daily Pivot Point S2 107.9
Daily Pivot Point S3 107.52
Daily Pivot Point R1 109.2
Daily Pivot Point R2 109.58
Daily Pivot Point R3 110.04

Source: Fx Street