USD Index Price Analysis: The Bullish Outlook Remains In Place

  • DXY comes under pressure following recent peaks.
  • A move to 108.00 still appears in store near term.

DXY faces some selling pressure after climbing to new 2023 tops in the 107.30/35 band on Wednesday.

In light of the ongoing price action, extra gains appear likely in the dollar for the time being. Once the index clears the YTD high of 107.34 (October 3), it could encourage bulls to challenge the weekly peak at 107.99 (November 21, 2022) just ahead of the round level at 108.00.

In the meantime, while above the key 200-day SMA, today at 103.13, the outlook for the index is expected to remain constructive.
 

DXY daily chart

(Click on image to enlarge)


Dollar Index Spot

OVERVIEW
Today last price 106.57
Today Daily Change 74
Today Daily Change % -0.48
Today daily open 107.08
TRENDS
Daily SMA20 105.57
Daily SMA50 104.05
Daily SMA100 103.35
Daily SMA200 103.13
LEVELS
Previous Daily High 107.35
Previous Daily Low 106.8
Previous Weekly High 106.84
Previous Weekly Low 105.52
Previous Monthly High 106.84
Previous Monthly Low 103.27
Daily Fibonacci 38.2% 107.14
Daily Fibonacci 61.8% 107.01
Daily Pivot Point S1 106.8
Daily Pivot Point S2 106.53
Daily Pivot Point S3 106.25
Daily Pivot Point R1 107.35
Daily Pivot Point R2 107.62
Daily Pivot Point R3 107.9

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Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...

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