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Dollar Index Price Analysis: DXY eyes bullish reversal on weekly chart

  • DXY's weekly chart shows a falling wedge breakout. 
  • The index could rise to September highs above 94.50.

The dollar index, which tracks the greenback's value against majors, looks set to confirm a falling wedge breakout – a bullish reversal pattern – on the weekly chart. 

The index has flipped the channel hurdle into support, currently at 90.00. A close above would confirm the breakout and open the doors for a rally to 94.72 (September high). 

The daily chart also indicates the path of least resistance is to the higher side. The bullish outlook will be invalidated if the index finds acceptance under the former hurdle-turned-support of the inverse head-and-shoulders pattern breached to the higher side earlier this week

Weekly chart

Trend: Bullish

Technical levels

Dollar Index Spot

Overview
Today last price91.57
Today Daily Change0.02
Today Daily Change %0.02
Today daily open91.55
 
Trends
Daily SMA2090.55
Daily SMA5090.49
Daily SMA10091.86
Daily SMA20093.87
 
Levels
Previous Daily High91.58
Previous Daily Low91.09
Previous Weekly High90.89
Previous Weekly Low90.08
Previous Monthly High90.95
Previous Monthly Low89.21
Daily Fibonacci 38.2%91.4
Daily Fibonacci 61.8%91.28
Daily Pivot Point S191.23
Daily Pivot Point S290.92
Daily Pivot Point S390.74
Daily Pivot Point R191.73
Daily Pivot Point R291.9
Daily Pivot Point R392.22

Author

Omkar Godbole

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

More from Omkar Godbole
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