US Dollar Index Technical Analysis: DXY bulls reverse Fed-inspired drop

DXY daily chart

• The US Dollar Index (DXY) is trading in a bull trend above its 200-day simple moving average (SMA).

DXY 4-hour chart

• DXY is trading below its main SMAs suggesting bearish momentum in the medium-term.
• Support is at 96.30 and 96.15. 
• To the upside, resistance is seen at 96.60 and 96.80 level.

DXY 30-minute chart

• DXY is trading between the 100 and 200 SMAs suggesting a consolidation phase in the short-term.
• On Wednesday the FOMC was much more dovish than expected leading to a huge drop in the Dollar, however, bulls have already erased the loss this Thursday.

Additional key levels