US Dollar Index price forecast: Rebounds near 98.00, eyes nine-day EMA

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The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is gaining ground after two days of losses and trading around 98.20 during the early European hours on Friday.

US Dollar Index may find the initial barrier at the nine-day EMA of 98.47.
Bearish bias is in play as the 14-day Relative Strength Index remains below 50 mark.
The psychological level of 98.00 acts as the immediate support.

The technical analysis of the daily chart shows the US Dollar Index remaining within an ascending channel pattern, suggesting a persistent bullish bias. However, the 14-day Relative Strength Index (RSI) is positioned below the 50 level, indicating that bearish bias is in play. The short-term price momentum is also remaining weaker as the DXY is positioned below the nine-day Exponential Moving Average (EMA).

On the upside, the US Dollar Index may target the primary barrier at the nine-day EMA of 98.47, followed by the 50-day EMA at 98.61. A successful breach above this level would strengthen the short- and medium-term price momentum and prompt the dollar index to explore the region around the three-month high at 100.26, which was recorded on August 1, followed by the upper boundary of the ascending channel around 100.50.

The initial support appears at the psychological level of 98.00, followed by the ascending channel’s lower boundary around 97.70. Further declines below the channel would confirm the bearish bias and put downward pressure on the US Dollar Index to navigate the region around the three-year low at $96.38, recorded on July 1.

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 Japanese Yen.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.14%	0.11%	0.15%	-0.04%	-0.06%	-0.17%	0.14%
EUR	-0.14%		-0.01%	0.05%	-0.16%	-0.16%	-0.21%	0.01%
GBP	-0.11%	0.00%		0.06%	-0.15%	-0.25%	-0.07%	-0.05%
JPY	-0.15%	-0.05%	-0.06%		-0.18%	-0.28%	-0.29%	0.02%
CAD	0.04%	0.16%	0.15%	0.18%		0.00%	0.06%	0.15%
AUD	0.06%	0.16%	0.25%	0.28%	-0.00%		0.05%	0.14%
NZD	0.17%	0.21%	0.07%	0.29%	-0.06%	-0.05%		0.16%
CHF	-0.14%	-0.01%	0.05%	-0.02%	-0.15%	-0.14%	-0.16%

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).