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  • The US Dollar Index (DXY) is trading in a bull trend but DXY has made virtually no progress since late May.
  • DXY has printed a head-and-shoulder bearish pattern while it is trading below its 50-day simple moving average and the bull trendline (blue line). Bulls are working hard at supporting the market just above the 94.43-51 zone (August 28 swing low and  100-day simple moving average). However, since mid-August DXY has been making lower lows and lower highs which is another clue to add to the bear case. The RSI, MACD and Stochastics indicators are also bearishly configured.
  • In the absence of a strong bull breakout above 95.65 the market is set to continue to slide down towards 93.71 (July 9 swing low).

DXY daily chart

Spot rate:                 94.60
Relative change:       0.08%
High:                        94.73
Low:                         94.30

Trend:                      Bullish
Short-term:              Bearish below 95.65

Resistance 1:         94.91 July 27 high  
Resistance 2:         95.00 figure
Resistance 3:         95.24 July 13 high
Resistance 4:         95.52 August 6 high
Resistance 5:         95.65 July 19 high
Resistance 6:         96.00 figure
Resistance 7:         97.00, 2018 high

Support 1:               94.43-51 August 28 swing low, 100-day SMA
Support 2:               93.71 July 9 swing low
Support 3:               93.17 June 14 swing low
Support 4:               92.24 May 14 swing low

Expert score

5

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