US Dollar Index Price Analysis: DXY restores the run-up to 93.20
- DXY regains above 50-DMA after crossing three-week-old resistance line.
- Firmer RSI directs the bulls towards the key horizontal hurdle.
- Ascending trend line from June, 100-DMA adds to the downside filters.
US Dollar Index (DXY) stays on the front foot around a two-week top, near 92.70 during Thursday’s Asian session.
The greenback gauge jumped to the multi-day top after regaining its place beyond 50-DMA, following the break of a short-term descending trend line resistance.
With the RSI line backing the upside momentum, the DXY is likely rising towards a seven-week-old horizontal hurdle resistance area near 93.20. However, the latest high near 92.85 and the 93.00 threshold may offer intermediate halts during the advances.
It’s worth noting that a clear run-up beyond 93.20 won’t hesitate to challenge the yearly peak surrounding 93.72.
Meanwhile, pullback moves will have 50-DMA and the resistance-turned-support, respectively around 92.60 and 92.30, as nearby challenges.
Following that an ascending trend line from June 23, close to 92.05, will precede the 100-DMA level of 91.68 to challenge the US Dollar Index bears.
DXY: Daily chart
Trend: Further upside expected
Reprinted from FXStreet,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
-THE END-