US Dollar Index Price Analysis: A move to 89.00 is shaping up

DXY remains on the defensive and closer to the 89.00 level.
The next target of note emerges at 88.94, March 2018 low.

Pablo Piovano FXStreet

The pessimism surrounding the dollar remains well and sound early in 2021, with DXY dropping to new lows in the 89.20 area on Wednesday.

The prospect for the greenback remains negative, with further losses now seen challenging the 89.00 support ahead of the March 2018 low at 88.94.

The downside pressure is expected to mitigate somewhat on a breakout of the weekly high in the 91.00 region (December 21).

In the longer run, as long as DXY trades below the 200-day SMA, today at 94.85, the negative view is forecast to prevail.

DXY daily chart

Dollar Index Spot

Overview
Today last price	89.26
Today Daily Change	41
Today Daily Change %	-0.25
Today daily open	89.48

Trends
Daily SMA20	90.24
Daily SMA50	91.53
Daily SMA100	92.41
Daily SMA200	94.91

Levels
Previous Daily High	89.89
Previous Daily Low	89.43
Previous Weekly High	90.38
Previous Weekly Low	89.52
Previous Monthly High	92.02
Previous Monthly Low	89.52
Daily Fibonacci 38.2%	89.6
Daily Fibonacci 61.8%	89.71
Daily Pivot Point S1	89.3
Daily Pivot Point S2	89.13
Daily Pivot Point S3	88.84
Daily Pivot Point R1	89.77
Daily Pivot Point R2	90.07
Daily Pivot Point R3	90.24

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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