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US Dollar Index Price Analysis: Rise above 105.60 likely

  • DXY extends the upside and rises to 3-day highs near 109.20.
  • Additional gains remain above the 105.60 region.

The US Dollar Index (DXY) reverses Wednesday’s decline and resumes buying interest above 109.00 on Thursday.

Prospects for a further bounce look solid as long as it is above the 7-month support line today around 105.60. On the contrary, the breakout of the 2022 high at 109.47 (Aug 29) should pave the way to challenge the September 2002 high at 109.77 and the round level at 110.00.

As for the long-term scenario, the bullish view of the dollar remains as long as it is above the 200-day SMA at 100.93.

DXY daily chart

Technical levels

Dollar Index Spot

Panorama
Last Price Today 109.14
Today’s Daily Change 0.47
Today’s Daily Change % 0.43
Today’s Daily Opening 108.67
Trends
20 Daily SMA 107.29
50 Daily SMA 106.68
100 Daily SMA 104.74
200 Daily SMA 100.82
levels
Previous Daily High 109.2
Previous Daily Minimum 108.38
Previous Maximum Weekly 109.27
Previous Weekly Minimum 107.53
Monthly Prior Maximum 109.48
Previous Monthly Minimum 104.64
Daily Fibonacci 38.2% 108.69
Daily Fibonacci 61.8% 108.89
Daily Pivot Point S1 108.3
Daily Pivot Point S2 107.93
Daily Pivot Point S3 107.48
Daily Pivot Point R1 109.12
Daily Pivot Point R2 109.57
Daily Pivot Point R3 109.94

Source: Fx Street

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