Dollar index drops below key Fibonacci level at 73.88. The 14-day RSI shows extreme overbought conditions. The dollar index (DXY), which tracks the value of the greenback against majors, closed well below support at 73.88 – the 61.8% Fibonacci retracement of the rally from February 2018 low to March 2020 high – on Monday. While the violation of the key Fibonacci support is a bearish development, so far the downside has been restricted near 93.50. The bearish pause could be associated with below-30 or oversold reading on the 14-day relative strength index. Meanwhile, the hourly chart RSI is showing a bullish divergence at press time. As such, the index could chart a minor bounce to former support-turned-resistance at 73.88. The overall trend, however, would remain bearish while prices are held below 95.72 (June 10 low). As of writing, the dollar index is trading at 93.62, representing marginal gains on the day. Daily chart Trend: Oversold Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Traders continue to bet that Fed would implement negative rates – WSJ newsletter FX Street 3 years Dollar index drops below key Fibonacci level at 73.88. The 14-day RSI shows extreme overbought conditions. The dollar index (DXY), which tracks the value of the greenback against majors, closed well below support at 73.88 – the 61.8% Fibonacci retracement of the rally from February 2018 low to March 2020 high – on Monday. While the violation of the key Fibonacci support is a bearish development, so far the downside has been restricted near 93.50. The bearish pause could be associated with below-30 or oversold reading on the 14-day relative strength index. Meanwhile, the hourly chart RSI is showing a… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
