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5 Aug 2019
US Dollar Index technical analysis: DXY takes another hit and settles near the 97.55 level
- DXY is retracing down from the 2019 highs as the trade war is taking its tolls.
- The level to beat for bears are seen at 97.30, followed by 97.16 and 97.00 supports.
DXY daily chart
DXY (US Dollar Index) is trading in a bull trend above its main daily simple moving averages (DSMAs). However, the greenback is currently pulling back down sharply from the 2019 highs as the market is down for the third consecutive session. The US-China trade war is weighing on the greenback.
DXY 4-hour chart
DXY is challenging 97.55 support and the 100 SMA. The bears can continue to drag the market down towards 97.30, 97.16, 97.00 and the 96.80 levels.
DXY 30-minute chart
DXY is trading below its main SMAs, suggesting bearish momentum in the near term. The market can find immediate resistance at the 97.80 and 98.10 levels.
Additional key levels