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.

EUR/USD gains traction to near 1.1800 as tariff uncertainty weighs on US Dollar

The EUR/USD pair holds positive ground around 1.1795 during the early Asian session on Tuesday. The US Dollar weakens against the Euro amid US tariff uncertainty. The release of the US January Producer Price Index report will be in the spotlight later on Friday.

GBP/USD treads water near 1.3500 as BoE-Fed divergence debate stalls

GBP/USD spent Monday spinning in place as market participants await a fresh catalyst to break the pair out of its recent range. The BoE's February hold came with a surprisingly dovish 5-4 split, and UK Consumer Price Index data last week showed inflation easing to 3.0%, reinforcing the case for earlier rate cuts, with most economists now looking to April or March for the next move.

Gold climbs above $5,200 on geopolitical tensions, trade uncertainty

Gold price jumps to around $5,230 during the early Asian session on Tuesday. The rally of the precious metal is bolstered by heightened geopolitical tensions and global trade uncertainty following US tariff decisions. Traders brace for the US January Producer Price Index report on Friday for fresh impetus.

Solana DeFi platform Step Finance to close operations following treasury hack

The Solana based decentralized finance platform Step Finance announced it will end all operations effective immediately following a breach that drained its treasury.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

XRP recovers slightly as bearish sentiment dominates crypto market

Ripple is rising above $1.40 at the time of writing on Monday amid fresh tariff-triggered headwinds in the broader cryptocurrency market. The sell-off to $1.33, the token’s intraday low, can be attributed to macroeconomic uncertainty, geopolitical tensions and risk-averse sentiment among other factors.