US Dollar Index Price Forecast: Eyes nine-day EMA barrier near 98.50
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is holding gains after registering little losses in the previous day and trading around 98.10 during the early European hours on Tuesday. The technical analysis of the daily chart shows that the dollar index is remaining within the descending channel pattern, suggesting a bearish bias.
The near-term bias stays bearish as the US Dollar Index holds beneath both the nine-day and 50-day Exponential Moving Averages (EMAs). Additionally, the 14-day Relative Strength Index (RSI) near 40 reinforces a weak tone, suggesting sellers retain control after the recent pullback.
The US Dollar Index may fall toward the lower boundary of the descending channel around 97.20. A sustained break below the channel would reinforce the bearish bias and put downward pressure on the US Dollar Index to navigate the region around the 95.56, the lowest since February 2022, which was reached on January 27.
On the upside, the primary barrier lies at the nine-day EMA at 98.41, followed by the upper boundary of the descending channel around 98.70 and the 50-day EMA at 98.83. Further advances above this confluence resistance zone would cause the emergence of the bullish bias and support the DXY to target a nearly 10-month high of 100.64, which was recorded on March 31.
(The technical analysis of this story was written with the help of an AI tool.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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