US Dollar Index Price Analysis: Overbought levels could spark a corrective move


  • DXY climbs to new highs near 110.30 on Monday.
  • A technical correction should not be ruled out.

DXY extends the march north to the vicinity of 110.30, where it seems to have met some initial resistance.

The short-term bullish view in the dollar remains well in place for the time being and propped up by the 7-month support line, today around 105.70.

However, the current overbought conditions of the index could trigger some corrective downside, which should be seen as a buying opportunity.

Still on the upside, the surpass of the recent top could face the next barrier at the weekly highs at 111.90 (June 6 2002) and 113.35 (May 24 2002).

Looking at the long-term scenario, the bullish view in the dollar remains in place while above the 200-day SMA at 101.06.

DXY daily chart

 

Dollar Index Spot

Overview
Today last price 109.85
Today Daily Change 67
Today Daily Change % 0.23
Today daily open 109.6
 
Trends
Daily SMA20 107.64
Daily SMA50 106.89
Daily SMA100 104.93
Daily SMA200 100.95
 
Levels
Previous Daily High 109.72
Previous Daily Low 108.93
Previous Weekly High 110
Previous Weekly Low 108.27
Previous Monthly High 109.48
Previous Monthly Low 104.64
Daily Fibonacci 38.2% 109.23
Daily Fibonacci 61.8% 109.42
Daily Pivot Point S1 109.12
Daily Pivot Point S2 108.63
Daily Pivot Point S3 108.32
Daily Pivot Point R1 109.91
Daily Pivot Point R2 110.21
Daily Pivot Point R3 110.7

 

 

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