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DXY Price Analysis: The 111.00 level is just around the corner

  • DXY continues to advance and flirts with the 111.00 area.
  • The FOMC event will test the ongoing upside move.

The US Dollar Index (DXY) extends the auspicious start to the week and hits new 20-year highs just below 111.00 on Wednesday.

Prospects for further dollar gains should remain unchanged as long as the index trades above the 7-month support line near 106.70. That said, the breakout of the 2022 high at 110.86 (Sept 21) should expose a quick move towards the 111.00 barrier.

In the longer term, DXY is expected to maintain its constructive stance as long as it is above the 200 SMA at 101.87.

DXY day chart

Dollar Index Spot

Panorama
Last Price Today 110.69
Today’s Daily Change 0.50
Today’s Daily Change % 0.45
Today’s Daily Opening 110.19
Trends
20 Daily SMA 109.35
50 Daily SMA 107.84
100 Daily SMA 105.92
200 Daily SMA 101.82
levels
Previous Daily High 110.29
Previous Daily Minimum 109.36
Previous Maximum Weekly 110.26
Previous Weekly Minimum 107.67
Monthly Prior Maximum 109.48
Previous Monthly Minimum 104.64
Daily Fibonacci 38.2% 109.94
Daily Fibonacci 61.8% 109.71
Daily Pivot Point S1 109.6
Daily Pivot Point S2 109.01
Daily Pivot Point S3 108.66
Daily Pivot Point R1 110.54
Daily Pivot Point R2 110.88
Daily Pivot Point R3 111.48

Source: Fx Street

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