Dollar index holds above 38.2% Fib ahead of the US midterm elections
|- The Dollar Index (DXY) is holding above 96.04 (38.2% Fib R of 103.82/88.25).
- US midterm elections are expected to produce a split Congress.
- A Republican majority in both chambers could put a bid under the greenback.
The dollar index (DXY) is currently trading at 96.40, having defended the 38.2 percent Fibonacci support of 96.04 on Friday.
The greenback is trading in a sideways manner above the key Fib, likely due to caution ahead of the US midterm elections, which are expected to produce a split Congress - Democrats to take House and Republicans to retain the Senate.
The narrative in the market is that a Republican majority in both Chambers may embolden Trump to push for more fiscal stimulus. As a result, the greenback may pick up a bid if Republicans retain both House and the Senate.
On the other hand, the dollar may take a beating if the Democrats secure a majority in both Chambers and use their majority to investigate Trump's Russian ties and financial affairs.
Dollar Index Technical Levels
Dollar Index Spot
Overview:
Last Price: 96.4
Daily change: 5.0 pips
Daily change: 0.0519%
Daily Open: 96.35
Trends:
Daily SMA20: 96.01
Daily SMA50: 95.38
Daily SMA100: 95.2
Daily SMA200: 93.21
Levels:
Daily High: 96.69
Daily Low: 96.25
Weekly High: 97.2
Weekly Low: 95.99
Monthly High: 97.2
Monthly Low: 94.79
Daily Fibonacci 38.2%: 96.42
Daily Fibonacci 61.8%: 96.52
Daily Pivot Point S1: 96.17
Daily Pivot Point S2: 95.99
Daily Pivot Point S3: 95.73
Daily Pivot Point R1: 96.61
Daily Pivot Point R2: 96.87
Daily Pivot Point R3: 97.05
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