The Dollar Index (DXY) Reached its top Resistance Level This signals the beginning of a bearish trend.
At the Asian Trading session, the DXY traded around the 97.70 level. After the previous day’s declines, the dollar index is currently traded in a narrow range at a low level and shown signs of a slight decline .
At the beginning of the Asian session trading day, the DXY Price was basically flat, it fell 0.7 percent compared to the previous day, over anxiety surrounding next week’s U.S. Presidential election. Experts pointed out that during the Asian Session trading day displayed weak market performance, E-Mini S & P futures fell 0.2 percent, West Texas Intermediate crude oil (WTI) fell 0.6 percent, the Nikkei index fell 1.2%, MSCI MSCI Asia-Pacific ( Japan) index fell 1% . Technically, Analysts say the dollar index moving average failed to peak above its 20-day moving average , signaling the dollar bearish trend begun. Analysts also pointed out that if the dollar index closed below the 20-day moving average of 97.97, matched with the short signal, objective observation at 97.19, the level of the exchange rate from August to October, 38.2% retracement of the rally. Finally, Analysts said that the dollar index initial support at the previous day’s New York trading session was at low of 97.64, the initial resistance at the previous day’s trading declined at 32.8% to support level of 97.95.
U.S. Dollar Index (DXY) is Under Pressure
Resistance 3 99.11
Resistance 2 98.79
Resistance 1 98.27
Support 1 97.43
Support 2 97.11
Support 3 96.59