US Dollar Index technical analysis: DXY gives back early gains, trading below the 97.60 level

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  • The US Dollar Index (DXY) is losing steam at the end of the New York session. 
  • The DXY recovery would gain strength on a daily close above 97.60 resistance. 
 
 
 

DXY daily chart

 
The US Dollar Index (DXY) is trading above the 200-day simple moving average (DMA) after a steep pullback down. 

DXY four-hour chart

 
DXY is trading below its main SMAs, suggesting bearish momentum in the medium term. However, the market traded above 97.60 this Wednesday but failed to register a daily close above the level, making the nascent recovery slightly weaker in the short term. The main support is seen at 97.20, followed by 96.72.
 

DXY 30-minute chart

 
DXY is trading above its 100 SMAs, suggesting a correction in the short term. The recovery would gain credibility on a daily close above 97.60. A break above the level can expose the next key resistance at 97.90 and the 98.20 level.

Additional key levels

 

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