US Dollar Index Technical Analysis: Tweezer Tops pattern put pressure on the Greenback ready for a pullback down to 94.43 key level

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)

Flavio Tosti Independent Analyst

DXY daily chart

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

Author

Flavio Tosti

Independent Analyst

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