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US Dollar Price Outlook: USD Breakout Targets Resistance– DXY Levels

US Dollar Price Outlook: USD Breakout Targets Resistance– DXY Levels

2020-02-09 08:00:00
Michael Boutros, Strategist
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US Dollar Technical Price Outlook: DXY Weekly Trade Levels

  • US Dollartechnical trade level update – Daily & Intraday Charts
  • USD surges to four-month highs amid rising Coronavirus fears / strong NFP
  • DXY breakout targeting key technical resistance zone just below 99

The US Dollar marked the largest weekly range since October and the largest weekly advance since August with the index trading at 98.69 ahead of the New York close on Friday. The rally takes price to four-month highs with a breakout in DXY now targeting key weekly resistance just higher. These are the updated technical targets and invalidation levels that matter on the US Dollar Index (DXY) weekly price chart. Review my latest Strategy Webinar for an in-depth breakdown of thesetrade setups and more.

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US Dollar Index Price Chart – DXY Weekly

Weekly DXY Price Chart

Chart Prepared by Michael Boutros, Technical Strategist; US Dollar Index on Tradingview

Notes: In my last US Dollar Weekly Price Outlook we noted that DXY was, “testing multi-month downtrend resistance on this stretch and leaves the immediate advance vulnerable while below 97.87 heading into next week.” Price held this threshold for two weeks before ripping higher with the index surging more than 1.35% this week. The advance takes the greenback with striking distance o the 2019 high-week close / 78.6% retracement at 98.84/96- look for a reaction there IF reached.

Initial support now rests back at 97.87 backed by this week’s low a 97.37- A close below this threshold would be needed to shift the focus back to the short-side targeting the June 2018 trendline, currently near ~96.70s. A topside breach above this key resistance threshold exposes subsequent resistance objectives at 99.43 and the 2017 uncovered close at 99.98- an area of interest for possible topside exhaustion IF reached.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Bottom line: The US Dollar breakout keeps the focus higher in the index heading into next week but look for a reaction heading into the 98.84/96 resistance zone for guidance next week– could interrupt things near-term. From a trading standpoint, a good region to reduce long-exposure / raise protective stops on a stretch into this region- be on the lookout for possible topside exhaustion ahead of 99. Ultimately, a setback off these levels may offer more favorable long-entries closer to uptrend support. I’ll publish an updated US Dollar Price Outlook once we get further clarity on the near-term technical DXY trade levels.

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--- Written by Michael Boutros, Technical Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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