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US Dollar Technical Outlook: DXY Weakness Has Big Long-term Support in Focus

US Dollar Technical Outlook: DXY Weakness Has Big Long-term Support in Focus

2020-10-21 12:30:00
Paul Robinson, Strategist

US Dollar Technical Outlook:

  • DXY sinking into long-term support via varying angles
  • Price action at this juncture is very important

The US Dollar Index (DXY) is currently working on a short-term lower-low to a new monthly low. More importantly the index is on the verge of retesting a very important support area from as far back as 2011 and even 1998.

There is a trend-line from 2011 running higher that is in confluence with a level that began in 1998. The 92 area has seen play at various times throughout the years, with the most recent influence coming in August when we saw a low form.

The 91.74 level is a big one. If it breaks we could see the DXY quickly run down to the 88.25 level, the 2018 low. It would be a rather sizable development, but even as such the Dollar would still be within the confines of a range that goes back to 2015.

If, however, the 91.74 level can hold and long-term confluent support can provide a floor, then perhaps we will see the dollar turn things around. But for it to do that it will take some work to build confidence in the upside as the trend since March has been decidedly lower.

The coming days and weeks could be rather important for the dollar outlook…

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US Dollar Index (DXY) Weekly Chart (confluent support)

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US Dollar Index (DXY) Daily Chart (91.74 important)

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U.S. Dollar Currency Index (DXY) Charts by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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