- The US dollar might drop to approximately 97.91, which would be its lowest point since March 2022.
- The RSI is currently below 50, indicating a strong bearish trend.
- The DXY is likely to encounter significant resistance at the 9-day EMA around 99.21.
The US Dollar Index (DXY), which tracks the value of the US dollar against six major currencies, has managed to maintain its position after experiencing losses in the earlier session, trading around 98.90 during the Asian market on Thursday.
Technical analysis indicates a prevailing bearish tendency within a downward channel pattern. The DXY sits beneath the nine-day exponential moving average (EMA), suggesting weak short-term momentum. The 14-day relative strength index (RSI) further supports this outlook, remaining below the 50 mark.
On the downside, the DXY is aimed at 97.91, the lowest level noted since March 2022, which was recorded on April 21.
Moreover, the US Dollar Index is eyeing the immediate resistance posed by the nine-day EMA at 99.21. A breakthrough at this level could enhance short-term price momentum and help the DXY approach the upper boundary of the descending channel around 100.30.
If the DXY breaks above the channel, it could diminish the bearish sentiment and allow the index to test a 50-day EMA at the 100.72 level. Further upward movement could bolster short-term price trends and prompt the DXY to explore levels around 104.37, which was reached on April 1.
US Dollar Index: Daily Chart
Today’s US Dollar Price
The table below highlights the US dollar’s (USD) performance against various currencies today, revealing that the US dollar is weakest when compared to the Australian dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.06% | 0.09% | 0.10% | 0.02% | -0.04% | 0.00% | 0.04% | |
| EUR | -0.06% | 0.08% | 0.03% | -0.00% | -0.09% | -0.12% | 0.00% | |
| GBP | -0.09% | -0.08% | 0.00% | -0.09% | -0.15% | -0.19% | -0.07% | |
| JPY | -0.10% | -0.03% | 0.00% | -0.09% | -0.18% | -0.19% | -0.05% | |
| CAD | -0.02% | 0.00% | 0.09% | 0.09% | -0.10% | -0.11% | 0.02% | |
| AUD | 0.04% | 0.09% | 0.15% | 0.18% | 0.10% | -0.05% | 0.09% | |
| NZD | -0.00% | 0.12% | 0.19% | 0.19% | 0.11% | 0.05% | 0.15% | |
| CHF | -0.04% | -0.01% | 0.07% | 0.05% | -0.02% | -0.09% | -0.15% |
The heatmap illustrates the rate of change among major currencies, with the base currency on the left and the estimated currency along the top. For instance, to see the USD compared to the Japanese Yen, the rate displayed in the corresponding box reflects the USD/JPY exchange rate.
