US Dollar Index Price Analysis: Recovery could now extend to 105.00

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  • DXY’s bullish momentum builds up additional strength.
  • The dollar hits new cycle highs around 104.70.

The dollar keeps the supply bias unchanged and pushes the US dollar index (DXY) to fresh 19-year highs in the 104.70 area on Thursday.

Considering the ongoing price action, further gains in the index remain good with the immediate hurdle at the round level at 105.00 ahead of 105.63 (11 Dec 2002 high). Above, the index is expected to challenge the December 2002 high at 107.31.

The current bullish stance on the index remains supported by the 8-month line around 97.00, while the longer-term outlook for the dollar is seen as constructive above the 200-day SMA at 96.21.

DXY daily chart

Technical levels

Dollar Index Spot

Last Price Today 104.51
Today’s Daily Change 0.50
Today’s Daily Change % 0.48
Today’s Daily Opening 104.01
20 Daily SMA 102.35
50 Daily SMA 100.27
100 Daily SMA 98.15
200 Daily SMA 96.18
Previous Daily High 104.11
Previous Daily Minimum 103.38
Previous Maximum Weekly 104.07
Previous Weekly Minimum 102.34
Monthly Prior Maximum 103.94
Previous Monthly Minimum 98.31
Daily Fibonacci 38.2% 103.83
Daily Fibonacci 61.8% 103.66
Daily Pivot Point S1 103.56
Daily Pivot Point S2 103.1
Daily Pivot Point S3 102.82
Daily Pivot Point R1 104.29
Daily Pivot Point R2 104.57
Daily Pivot Point R3 105.03

Source: Fx Street

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