Dollar Index Price Analysis: Inverse head-and-shoulders pattern on D1

Omkar Godbole FXStreet Contributor

The dollar index, which tracks the greenback's value against major currencies, has carved out an inverse head-and-shoulders pattern on the daily chart.

Tne neckline resistance is currently seen at 90.92. A close higher would confirm a breakout or bearish-to-bullish trend change, creating room for a rally to at least 92.63 (target as per the measured move method).

On the downside, the low of the right shoulder – 90.045 – is the level to beat for the sellers.

At press time, the DXY is trading moderately higher on the day near 90.75.

Daily chart

Trend: Bullish above 90.92

Technical levels

Dollar Index Spot

Overview
Today last price	90.75
Today Daily Change	0.16
Today Daily Change %	0.12
Today daily open	90.59

Trends
Daily SMA20	90.18
Daily SMA50	90.64
Daily SMA100	91.99
Daily SMA200	94.14

Levels
Previous Daily High	90.89
Previous Daily Low	90.15
Previous Weekly High	90.95
Previous Weekly Low	90.05
Previous Monthly High	92.02
Previous Monthly Low	89.52
Daily Fibonacci 38.2%	90.61
Daily Fibonacci 61.8%	90.43
Daily Pivot Point S1	90.2
Daily Pivot Point S2	89.81
Daily Pivot Point S3	89.46
Daily Pivot Point R1	90.94
Daily Pivot Point R2	91.28
Daily Pivot Point R3	91.67

Author

Omkar Godbole

FXStreet Contributor

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

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