News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
More View more
Real Time News
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here:
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here:
  • What's the difference between leading and lagging indicators? Find out from here:
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here:
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here. #DailyFXGuides
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Gold snapped a two-week losing streak but keeps price within the broader August downtrend. These are the levels that matter on the $XAUUSD weekly chart. Get your market update from @MBForex here:
  • $GBPUSD continues to move higher, despite Friday’s weakness, as vaccination hopes continue to fuel positive sentiment despite ongoing lockdown fears and downbeat UK data. Get your market update from @nickcawley1 here:
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here:
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here:
Dollar Price Outlook: USD Reversal Threatens Deeper April Correction

Dollar Price Outlook: USD Reversal Threatens Deeper April Correction

Michael Boutros, Strategist

US Dollar Technical Price Outlook: DXY Weekly Trade Levels

  • Dollartechnical trade level update – Daily & Intraday Charts
  • USD reverses sharply off 2016 high-close; risk for further losses while below 100
  • DXY sell-off approaching initial support objectives

The US Dollar plummeted more than 2.4% off fresh multi-year highs this week with DXY threatening a false-breakout of uptrend resistance. This week’s volatility continues a string of massive swings in the greenback with USD marking ranges in excess of 2% for the past four consecutive weeks. The recent price collapse is testing initial support here and the focus is on a the weekly close with respect to the 100-handle for guidance. 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 this US Dollar trade setups and more.

Starts in:
Live now:
Feb 01
( 13:02 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Weekly Scalping Webinar
Register for webinar
Join now
Webinar has ended

US Dollar Index Price Chart – DXY Weekly

US Dollar Index Price Chart - DXY Weekly - USD Trade Outlook - Technical Forecast

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

Notes: In my last US Dollar Weekly Price Outlook our bottom line cited that the DXY sell-off had, “covered the entire yearly range in under three weeks with the decline now approaching the first major support hurdle.” We noted that, “Ultimately, a break / close below last year’s low at 95.03 is needed to fuel the next leg lower in the Dollar...” The index briefly probed below to register a low at 94.65 before reversing sharply higher with the dollar failing at the 2016 high-close / parallel resistance at 102.95. Another sharp reversal this week takes price back below the initial yearly opening-range highs with price paring half the entire yearly range in one week.

Initial weekly support here at 98.81 backed by confluence a 61.8% Fibonacci confluence at 97.83/87 - look for a bigger reaction there IF reached with a close below needed to suggest a more significant high was registered this week. Such a scenario would shift the focus back towards 97.35 and yearly open support at 96.50. Initial resistance now back at 98.98- a close above this threshodl would be needed to keep the broader long-bias viable heading into next week with key resistance now at the yearly high-week close at 101.95.

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 price reversal is attempting to pullback below uptrend resistance and while the broader focus remains higher, the risk is mounting for a larger correction IF price closes the week at these levels. Form a trading standpoint, look for topside exhaustion while below 100 with a break sub-97.87 needed to keep the immediate short-bias in play. Keep in mind we’re heading into the close of the month/quarter early next week – stay nimble into the April open with Coronavirus headlines likely to continue driving broader market sentiment.

USD Forecast
USD Forecast
Recommended by Michael Boutros
Download Our Latest Quarterly US Dollar Price Forecasts!
Get My Guide

Key US Data Releases

US Economic Calendar- USD Event Risk - Data Releases

Economic Calendar - latest economic developments and upcoming event risk.

Previous Weekly Technical Charts

Building Confidence in Trading
Building Confidence in Trading
Recommended by Michael Boutros
Learn how to Trade with Confidence - Free Trading Guide
Get My Guide

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

Follow Michael on Twitter @MBForex

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