- The US Dollar Index is currently testing key resistance at the upper boundary of a downward trend around 97.70.
- The overall outlook remains bearish, as indicated by the 14-day relative strength index hovering just below the 50 mark.
- Initial support is identified at the nine-day EMA level of 97.46.
The US Dollar Index (DXY), which gauges the strength of the US dollar (USD) against six major currencies, has paused its three-day upward trend during European trading hours, leveling off at about 97.50. Reviewing daily charts, it appears the dollar index is testing the limits of a downward channel, hinting at a potential bullish reversal.
In the short term, there seems to be a boost in price momentum as the DXY crosses the nine-day exponential moving average (EMA) with sights set on the 50-day EMA. However, it’s worth noting that the 14-day relative strength index (RSI) still lingers below 50, so the bearish sentiment is still quite present.
If the index successfully breaks through the upper resistance level around 97.70, this could establish a bullish tendency, with targets shifting toward the 50-day EMA at 98.01 in support of the DXY. If further gains are achieved past this resistance zone, that could certainly enhance medium-term price momentum, possibly pushing the dollar index toward the eight-week high of 99.07 reached on August 5.
On the flip side, the US Dollar Index has immediate support at the nine-day EMA of 97.46. A drop below this threshold could diminish short-term price momentum, leading to downward pressure on DXY and potentially navigating toward the lowest levels since February 17, 2022, around 96.22.
US Dollar Index: Daily Chart
Today’s US Dollar Price
The rates below illustrate the fluctuations in the US dollar (USD) against various currencies today, noting that the dollar appears to be weakest versus the British pound.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.15% | -0.21% | -0.04% | 0.18% | 0.08% | 0.15% | -0.03% | |
| EUR | 0.15% | -0.05% | 0.09% | 0.30% | 0.19% | 0.27% | 0.09% | |
| GBP | 0.21% | 0.05% | 0.06% | 0.38% | 0.26% | 0.35% | 0.18% | |
| JPY | 0.04% | -0.09% | -0.06% | 0.21% | 0.10% | 0.19% | 0.00% | |
| CAD | -0.18% | -0.30% | -0.38% | -0.21% | -0.11% | -0.02% | -0.18% | |
| AUD | -0.08% | -0.19% | -0.26% | -0.10% | 0.11% | 0.09% | -0.08% | |
| NZD | -0.15% | -0.27% | -0.35% | -0.19% | 0.02% | -0.09% | -0.20% | |
| CHF | 0.03% | -0.09% | -0.18% | -0.00% | 0.18% | 0.08% | 0.20% |
The heatmap indicates fluctuations among major currencies. The base currency is listed in the left column, with the estimated currency along the top. For example, if the US dollar is chosen from the left and the Japanese yen from the top, the rate displayed represents USD (base)/JPY (QUOTE).
