- The US Dollar Index (DXY) is trading in a bull channel above its 100 and 200-day simple moving average (SMA) suggesting that the main trend remains bullish.
- However, Tuesday and Wednesday bars formed a tweezer tops bearish formation at the 95.65 resistance (July 19 high).
- The market is starting to slightly break down to the downside while the RSI, MACD and Aaron indicators are bearishly configured indicating lower prices ahead with an initial target at 94.43 (August 28 swing low)
DXY daily chart
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Spot rate: 95.03
Relative change: -0.11%
High: 95.21
Low: 94.93
Trend: Bullish above 95.65
Near-term: Bearish below 95.65
Resistance 1: 95.24 July 13 high
Resistance 2: 95.52 August 6 high
Resistance 3: 95.65 July 19 high
Resistance 4: 96.00 figure
Support 1: 95.00 figure
Support 2: 94.91 July 27 high
Support 3: 94.43 August 28 swing low
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