US Dollar Index Technical Analysis: Greenback sells-off as DXY bears erase weekly gains

• The US Dollar Index (DXY) is trading in a bull trend above the 200-day simple moving average.
• DXY rejected the 97.00 level and closed in the red. Bulls will try to support the market but they need to regain 97.00 or else a deeper pullback is to be expected. The RSI is pointing downwards while the Stochastic is in overbought territories. The MACD is slowing down slightly.  
• All suggesting that a continuation of the bearish pullback is more likely with targets at 95.65 multi-month resistance and then 95.24 July 13 high.  

DXY daily chart

Trend:                     Bullish

Resistance 1:         97.20 current 2018 high
Resistance 2:         97.87 June 20, 2017
Resistance 3:         98.00 figure

Support 1:               97.00 former 2018 high
Support 2:               96.41 August 20 high
Support 3:               96.00 figure
Support 4:               95.65 multi-month resistance (key level)
Support 5:               95.52 August 6 high
Support 6:               95.24 July 13 high

Additional key levels at a glance: