US Dollar Index Price Analysis: Still Room for Further Gains

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  • The US Dollar Index (DXY) is under some pressure and breaks above 105.00.
  • Continuation of the uptrend could see 2022 revised.

The US Dollar Index (DXY) faces moderate selling pressure and breaks below the 105.00 support at the start of the week.

On the short-term horizon, the dollar continues to rise. On the contrary, the index could attempt a new visit to the yearly highs reached so far, near 105.80, recorded after the FOMC event on June 15. If it is passed, the next major hurdle will be the December 2002 hurdle at 107.31.

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As long as the 4-month line near 102.45 contains the declines, the short-term outlook for the index should remain constructive.

The broader bullish view holds as long as it is above the 200-day SMA at 98.19.

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DXY daily chart

Technical levels

Dollar Index Spot

Last Price Today 104.92
Today’s Daily Change -0.19
Today’s Daily Change % -0.18
Today’s Daily Opening 105.11
20 Daily SMA 104.19
50 Daily SMA 103.44
100 Daily SMA 100.96
200 Daily SMA 98.15
Previous Daily High 105.64
Previous Daily Minimum 104.69
Previous Maximum Weekly 105.64
Previous Weekly Minimum 103.67
Monthly Prior Maximum 105.79
Previous Monthly Minimum 101.64
Daily Fibonacci 38.2% 105.28
Daily Fibonacci 61.8% 105.05
Daily Pivot Point S1 104.65
Daily Pivot Point S2 104.19
Daily Pivot Point S3 103.7
Daily Pivot Point R1 105.6
Daily Pivot Point R2 106.1
Daily Pivot Point R3 106.56

Source: Fx Street

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