U.S. Dollar Index price analysis

The U.S. Dollar Index held support at the 20-day EMA ($102) on Aug. 4 and again on Aug. 10, indicating a change in sentiment from selling on rallies to buying on dips.

DXY daily chart. Source: TradingView

The index has reached the downtrend line, which is likely to act as a formidable resistance. If the price turns down from the downtrend line but rebounds off the 20-day EMA, it will suggest that the trend remains bullish. That will enhance the prospects of a rally above the downtrend line. The index could then soar toward the overhead resistance at 106.

This positive view will invalidate in the near term if the price tumbles below the 20-day EMA. There is minor support at 101.74, but if this level gives way, the index could drop to 100.82.

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