US Dollar Index Price Analysis: Still room for further decline

DXY drops further and approaches the 98.00 mark.
A potential deeper retracement to the 97.70 area cannot be ruled out.

Pablo Piovano FXStreet

DXY can't get a grip and accelerates losses to the 98.15 zone on Thursday.

Considering the dollar's recent price action, a further retracement in DXY now carries the potential to extend to the weekly low at 97.71 (low March 10), where some initial contention is expected to emerge.

The current bullish stance in the index, however, remains supported by the 6-month line, today near 95.90, while the longer-term outlook for the dollar is seen constructive while above the 200-day SMA at 94.47.

DXY daily chart

Dollar Index Spot

Overview
Today last price	98.31
Today Daily Change	35
Today Daily Change %	-0.07
Today daily open	98.38

Trends
Daily SMA20	97.61
Daily SMA50	96.55
Daily SMA100	96.13
Daily SMA200	94.47

Levels
Previous Daily High	99.08
Previous Daily Low	98.3
Previous Weekly High	99.41
Previous Weekly Low	97.72
Previous Monthly High	97.74
Previous Monthly Low	95.14
Daily Fibonacci 38.2%	98.6
Daily Fibonacci 61.8%	98.78
Daily Pivot Point S1	98.09
Daily Pivot Point S2	97.8
Daily Pivot Point S3	97.3
Daily Pivot Point R1	98.87
Daily Pivot Point R2	99.37
Daily Pivot Point R3	99.66

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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