US Dollar Index Price Forecast: Could test nine-day EMA barrier near 108.00
07.02.2025, 05:11

US Dollar Index Price Forecast: Could test nine-day EMA barrier near 108.00

  • The US Dollar Index may find its initial resistance at the nine-day EMA at 107.94.
  • A successful break above the 50 mark would confirm the emergence of a bullish bias.
  • The immediate support appears around the descending channel’s upper boundary at 107.30 level.

The US Dollar Index (DXY) continues its upward momentum for the second consecutive day, trading around 107.80 during Asian hours on Friday. A review of the daily chart suggests a weakening bearish bias as the index consolidates above the descending channel pattern.

The 14-day Relative Strength Index (RSI) remains just below the 50 level, indicating that bearish sentiment is still present. A decisive move above the 50 mark would confirm a shift from a bearish to a bullish bias. Furthermore, the US Dollar Index remains below its nine- and 14-day Exponential Moving Averages (EMAs), signaling weaker short-term price momentum.

On the downside, the upper boundary of the descending channel serves as the key support near 107.30, followed by the two-month low of 106.97, which was recorded on January 27. A drop below the latter could strengthen the bearish bias, pushing the index toward the lower boundary of the descending channel at 105.60.

Regarding resistance, the DXY may first challenge the nine-day EMA at 107.94, followed by the 14-day EMA at 108.03. A breakout above these levels could enhance short-term price momentum, potentially driving the index toward its three-week high of 109.80, last tested on February 3.

US Dollar Index: Daily Chart

US Dollar PRICE Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Swiss Franc.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   0.08% 0.12% 0.12% 0.11% 0.02% -0.02% 0.16%
EUR -0.08%   0.04% 0.02% 0.04% -0.05% -0.10% 0.08%
GBP -0.12% -0.04%   -0.02% -0.01% -0.10% -0.13% 0.04%
JPY -0.12% -0.02% 0.02%   -0.01% -0.10% -0.16% 0.03%
CAD -0.11% -0.04% 0.01% 0.01%   -0.10% -0.13% 0.05%
AUD -0.02% 0.05% 0.10% 0.10% 0.10%   -0.04% 0.14%
NZD 0.02% 0.10% 0.13% 0.16% 0.13% 0.04%   0.18%
CHF -0.16% -0.08% -0.04% -0.03% -0.05% -0.14% -0.18%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

 

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