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28 Jul 2020

Dollar Index Price Analysis: Breaches 61.8% Fib retracement support

  • Dollar index drops below key Fibonacci level at 73.88. 
  • The 14-day RSI shows extreme overbought conditions. 

The dollar index (DXY), which tracks the value of the greenback against majors, closed well below support at 73.88 – the 61.8% Fibonacci retracement of the rally from February 2018 low to March 2020 high – on Monday. 

While the violation of the key Fibonacci support is a bearish development, so far the downside has been restricted near 93.50.

The bearish pause could be associated with below-30 or oversold reading on the 14-day relative strength index. Meanwhile, the hourly chart RSI is showing a bullish divergence at press time. 

As such, the index could chart a minor bounce to former support-turned-resistance at 73.88. The overall trend, however, would remain bearish while prices are held below 95.72 (June 10 low). 

As of writing, the dollar index is trading at 93.62, representing marginal gains on the day. 

Daily chart

Trend: Oversold

Technical levels

 

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