Back

US Dollar Index Price Forecast: Tests immediate support at 103.50 near four-month lows

  • The US Dollar Index may test its primary support at the four-month low of 103.34.
  • The 14-day RSI remains below 30, indicating oversold conditions and the potential for an upward correction.
  • On the upside, initial resistance is seen at the nine-day EMA at 104.34.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against its six major peers, remains steady after registering gains in the previous session, trading around 103.60 during the Asian hours on Thursday. However, the technical analysis of the daily chart indicates a persistent bearish bias, with the index moving downwards within a descending channel pattern.

The US Dollar Index is trading below the nine- and 50-day Exponential Moving Averages (EMAs), indicating a weakening short- and medium-term trend. However, the 14-day Relative Strength Index (RSI) remains below 30, suggesting oversold conditions and the potential for an upward correction.

On the downside, the US Dollar Index may test its primary support at the four-month low of 103.34, recorded on November 6, followed by the lower boundary of the descending channel at 103.00. A break below this critical support zone could strengthen the bearish outlook, pushing the index toward the five-month low of 100.68.

The DXY may encounter initial resistance at the nine-day EMA at 104.34. A break above this level could strengthen short-term price momentum, pushing the index toward the 50-day EMA at 106.44, followed by the upper boundary of the descending channel at 106.70.

US Dollar Index: Daily Chart

US Dollar PRICE Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Australian Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   0.07% 0.07% -0.34% 0.17% 0.29% 0.12% -0.07%
EUR -0.07%   0.00% -0.40% 0.09% 0.23% 0.08% -0.14%
GBP -0.07% -0.01%   -0.40% 0.09% 0.22% 0.07% -0.11%
JPY 0.34% 0.40% 0.40%   0.47% 0.63% 0.46% 0.30%
CAD -0.17% -0.09% -0.09% -0.47%   0.15% -0.02% -0.21%
AUD -0.29% -0.23% -0.22% -0.63% -0.15%   -0.15% -0.31%
NZD -0.12% -0.08% -0.07% -0.46% 0.02% 0.15%   -0.15%
CHF 0.07% 0.14% 0.11% -0.30% 0.21% 0.31% 0.15%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

 

USD/CAD Price Forecast: Advances to 1.4400 neighborhood; lacks bullish conviction

The USD/CAD pair attracts some dip-buyers in the vicinity of mid-1.4300s during the Asian session on Thursday and reverses a part of the previous day's losses.
Read more Previous

USD/MXN Price Forecast: Resumes downside under 100-day EMA below 20.50

The USD/MXN pair edges higher to near 20.20 during the early European session on Thursday, bolstered by a modest recovery of the US Dollar (USD).
Read more Next