- 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