- The US Dollar Index sees a mild decline for Wednesday, slipping back past the 107.00 level.
- Downside momentum likely to remain limited as US Treasury yields, US economic data continue to hold on the high end.
- The DXY is up 3.2% on the year, 7.25% from 2023’s lows.
The US Dollar Index (DXY) saw some minor declines on Wednesday, with the major currency index declining around 0.3% for the mid-week trading session.
The Dollar Index has drifted away from the week’s eleven-month high at 107.35, but downside moves are likely to remain limited as the DXY remains bolstered by rising US Treasury yields and an overall healthy economic outlook for the US economy, albeit with a few hotspots.
US Treasuries saw continued upside for Wednesday, with the 10-year Treasury yield hitting 4.88% during the day’s trading, a seventeen-year high.
US ADP employment data showed an 89K uptick in private payroll positions, far below the forecast 153K, but jobs are still being created in the US economy.
DXY technical outlook
Intraday price action is catching technical support from the 100-hour Simple Moving Average (SMA) near 106.60, with the 200-hour SMA pushing into 160.40.
The DYX continues to rise from the year’s lows, riding a bullish trendline from 99.50 and long-term Dollar bulls will be looking to make a decisive push into 108.00.
DXY daily chart
DXY technical levels
DOLLAR INDEX SPOT
|Today last price||106.77|
|Today Daily Change||-0.31|
|Today Daily Change %||-0.29|
|Today daily open||107.08|
|Previous Daily High||107.35|
|Previous Daily Low||106.8|
|Previous Weekly High||106.84|
|Previous Weekly Low||105.52|
|Previous Monthly High||106.84|
|Previous Monthly Low||103.27|
|Daily Fibonacci 38.2%||107.14|
|Daily Fibonacci 61.8%||107.01|
|Daily Pivot Point S1||106.8|
|Daily Pivot Point S2||106.53|
|Daily Pivot Point S3||106.25|
|Daily Pivot Point R1||107.35|
|Daily Pivot Point R2||107.62|
|Daily Pivot Point R3||107.9|