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US Dollar Index technical analysis: DXY is challenging the critical 98.10 resistance

  • DXY (US Dollar Index) is erasing parts of Friday’s drop.
  • The market is testing an important resistance level at the 98.10 level. 
 

DXY daily chart

 
DXY (US Dollar Index) trading in a bull trend above the main daily simple moving averages (DSMAs). The market is erasing the sharp decline seen last Friday.
 
 

DXY 4-hour chart

 
DXY is testing a critical key resistance at 98.10 near the 50 SMA. If bulls manage to have a sustained breakout above this level, the market is most likely going to test 98.38 on the way up.
 
 
 
 
 
 

DXY 30-minute chart

 
The Greenback is trading below a downward sloping 200 SMAs, suggesting bearish momentum in the short term. Bears will need to defend the 98.10 resistance and clear 97.95/85 and 97.70 support if they want to create a meaningful breakdown towards the 97.20 level.
 
 

Additional key levels

 

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