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US Dollar Index Price Analysis: Further rise above 107.00 likely

  • The US Dollar Index (DXY) adds to Wednesday’s rally and heads back to 107.00.
  • Above 107.00 the index could revisit the weekly high at 107.42.

The US Dollar Index (DXY) extends the gains for the second consecutive session on Thursday, although at the moment it remains difficult to test the 107.00 area.

The continuation of the bullish momentum could extend to the August high near the 107.00 mark (Aug 5). Breaking above this level should prompt the index to challenge the post-FOMC meeting high at 107.42 (July 27).

In a broader scenario, the bullish view of the dollar remains above the 200-day SMA at 100.28.

DXY daily chart

Technical levels

Dollar Index Spot

Last Price Today 107.06
Today’s Daily Change 0.43
Today’s Daily Change % 0.40
Today’s Daily Opening 106.63
20 Daily SMA 106.22
50 Daily SMA 105.83
100 Daily SMA 103.81
200 Daily SMA 100.18
Previous Daily High 106.89
Previous Daily Minimum 106.3
Previous Maximum Weekly 106.81
Previous Weekly Minimum 104.64
Monthly Prior Maximum 109.29
Previous Monthly Minimum 104.69
Daily Fibonacci 38.2% 106.66
Daily Fibonacci 61.8% 106.52
Daily Pivot Point S1 106.33
Daily Pivot Point S2 106.02
Daily Pivot Point S3 105.74
Daily Pivot Point R1 106.91
Daily Pivot Point R2 107.2
Daily Pivot Point R3 107.5

Source: Fx Street

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