The US dollar index (DXY), which gauges the dollar’s strength against six major currencies, has increased for the second consecutive day, currently sitting at around 98.40 during European trading hours on Wednesday. A technical analysis suggests a potential bullish reversal as the index approaches the upper limit of its descending channel.
While the USD index is trading above its short-term 9-period exponential moving average (EMA), it remains below the 50-period EMA. This situation hints at a range-bound trend within a broader consolidation phase, keeping the short-term outlook neutral yet capped.
The Relative Strength Index (RSI, 14) is just shy of the 50 level at approximately 48.9. This indicates that momentum remains subdued, with limited confidence in directional movements as the index interacts with these significant moving averages.
At present, the USD index is testing the upper boundary of the descending channel around 98.50, with the 50-day EMA following closely at 98.60. Should the dollar index manage to break free from this channel, it might aim for the 12-month high of 100.64, achieved on March 31st.
On the downside, immediate support can be found at the nine-day EMA at 98.26, and then there’s the 12-week low of 97.35 reached on February 23rd. It’s possible that the dollar index could decline further toward a three-month low of 96.49 before reaching the lower end of the descending channel around 96.40. A more severe break below this channel could open the way to 95.56, the lowest level since February 2022, hit on January 27th.
The technical analysis in this story was created using AI tools.
USD price today
The table below shows the percentage change of the US dollar (USD) against major currencies today. The US dollar performed strongest relative to the New Zealand dollar.
| USD | EUR | GBP | JPY | CAD | australian dollar | new zealand dollar | swiss franc | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.22% | 0.10% | 0.11% | 0.09% | 0.06% | 0.27% | 0.14% | |
| EUR | -0.22% | -0.13% | -0.13% | -0.16% | -0.17% | 0.05% | -0.10% | |
| GBP | -0.10% | 0.13% | 0.00% | -0.02% | -0.03% | 0.20% | 0.03% | |
| JPY | -0.11% | 0.13% | 0.00% | -0.02% | -0.04% | 0.15% | 0.04% | |
| CAD | -0.09% | 0.16% | 0.02% | 0.02% | -0.03% | 0.19% | 0.04% | |
| australian dollar | -0.06% | 0.17% | 0.03% | 0.04% | 0.03% | 0.23% | 0.07% | |
| new zealand dollar | -0.27% | -0.05% | -0.20% | -0.15% | -0.19% | -0.23% | -0.16% | |
| swiss franc | -0.14% | 0.10% | -0.03% | -0.04% | -0.04% | -0.07% | 0.16% |
The heat map illustrates the percentage change among major currencies, with the base and quote currencies selected from the table. For instance, choosing USD from the left column and moving horizontally to JPY indicates the percentage change between USD (base) and JPY (estimate).
