US Dollar Index Price Analysis: Short-term target emerges at 107.00

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  • US Dollar Index (DXY) maintains weekly bounce near 106.80.
  • A further rally seems likely once it breaks above 107.00.

The US Dollar Index (DXY) down quickly on Tuesday’s inconclusive price action and resumes rally towards upper end of recent range near 106.80.

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

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In a broader scenario, the bullish view of the dollar remains above the 200-day SMA at 100.22.

DXY daily chart

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Technical levels

Dollar Index Spot

Last Price Today 106.74
Today’s Daily Change 0.28
Today’s Daily Change % 0.26
Today’s Daily Opening 106.46
20 Daily SMA 106.23
50 Daily SMA 105.74
100 Daily SMA 103.73
200 Daily SMA 100.11
Previous Daily High 106.94
Previous Daily Minimum 106.32
Previous Maximum Weekly 106.81
Previous Weekly Minimum 104.64
Monthly Prior Maximum 109.29
Previous Monthly Minimum 104.69
Daily Fibonacci 38.2% 106.56
Daily Fibonacci 61.8% 106.7
Daily Pivot Point S1 106.2
Daily Pivot Point S2 105.94
Daily Pivot Point S3 105.57
Daily Pivot Point R1 106.83
Daily Pivot Point R2 107.2
Daily Pivot Point R3 107.46

Source: Fx Street

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