12 Dec 2019
US Dollar Index Price Analysis: DXY boosted by trade hopes but not out of the woods
- DXY recovered slightly on Thursday but is still struggling below the 200 DMA.
- Support is seen at the 97.00 and 96.50 levels.
DXY daily chart
DXY (US Dollar Index) is having a small recovery day while remaining under pressure below the 200-day simple moving average (DMA). The US-China trade deal boosted the greenback and US stock indices while weakening the safe-haven yen and gold.
DXY four-hour chart
Although bulls attempted a recovery this Thursday, DXY remains under selling pressure below the 97.55 resistance and the main SMAs. If the bears can break below the 97.00 handle, this would be another bearish sign which could lead the greenback towards the 96.50 level.
DXY 30-minute chart
DXY bulls are looking for a break above the 97.55 resistance and the 200 SMA. Further up, the next target probably lies near the 97.85 level.
Additional key levels