USD Index Price Analysis: Further consolidation appears in store

Pablo Piovano FXStreet

- DXY faces further selling pressure and approaches 106.00.

- There is a strong resistance area near 107.00 so far.

DXY retreats to three-day lows in the 106.20/15 band following the rejection from the 107.00 region seen in the second half of last week.

So far, extra range bound looks the most likely scenario for the index for the time being. The breakout of this theme exposes a potential move to the weekly top at 106.89 (October 26), prior to the round level at 107.00 and just ahead of the 2023 high of 107.34 (October 3).

So far, while above the key 200-day SMA, today at 103.41, the outlook for the index is expected to remain constructive.

DXY daily chart

Dollar Index Spot

Overview
Today last price	106.33
Today Daily Change	54
Today Daily Change %	-0.24
Today daily open	106.59

Trends
Daily SMA20	106.36
Daily SMA50	105.41
Daily SMA100	103.8
Daily SMA200	103.4

Levels
Previous Daily High	106.8
Previous Daily Low	106.33
Previous Weekly High	106.89
Previous Weekly Low	105.35
Previous Monthly High	106.84
Previous Monthly Low	103.27
Daily Fibonacci 38.2%	106.51
Daily Fibonacci 61.8%	106.62
Daily Pivot Point S1	106.34
Daily Pivot Point S2	106.1
Daily Pivot Point S3	105.87
Daily Pivot Point R1	106.82
Daily Pivot Point R2	107.05
Daily Pivot Point R3	107.29

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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