Above 102.00: US Dollar Index Price Forecast Following Move Past Nine-Day EMA

102.94, the 18-month high, is a potential upside target for the United States Dollar Index.
At around 60, the 14-day Relative Strength Index points to positive momentum below overbought territory.
At 101.93, the nine-day EMA provides the nearest support.

102.20 is the approximate level of the US Dollar Index (DXY) during Tuesday’s European session. The index, which tracks the US Dollar (USD) against six major currencies, is advancing for a third consecutive day.

Holding above the nine- and 50-period Exponential Moving Averages (EMAs) keeps DXY’s short-term outlook bullish and underlines buying support within the broader uptrend. Momentum also remains positive without being overbought, with the 14-day Relative Strength Index (RSI) around 60. Meanwhile, the FXS Fed Sentiment Index is steady near 127.5, suggesting that policy expectations remain broadly favourable to further dollar gains.

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On the daily chart, the dollar index continues to trade inside an ascending channel, maintaining the bullish technical outlook. A possible upside test for DXY is the area around 102.94, the 18-month high reached on 14 October. Beyond that lies the channel’s upper boundary at 104.50.

Initial downside support for the US Dollar Index may emerge at 101.93, the nine-day EMA, ahead of the ascending channel’s lower boundary around 101.70. The 50-day EMA at 101.11 offers the next support level. Falling below this medium-term moving average would increase downward pressure on the index towards the area around 98.56, the five-month low recorded on 20 August.

Chart Analysis Dollar Index Spot — Daily Chart: US Dollar Index

Dollar gains support as Fed and energy outlook return to focus

A firmer start to the week for the Dollar reflects renewed attention to supportive policy and energy conditions, according to strategists at ING. They note that it "has found good support early this week, as stabilising AI-related sentiment has allowed markets to reconnect with the broader supportive backdrop of a hawkish Federal Reserve and high energy prices." In their view, more stable risk appetite, together with continuing support from policy and commodity prices, is underpinning the US currency as the week begins.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

US Dollar: Today’s Currency Performance

Today’s percentage moves in the US Dollar (USD) against the major currencies listed are set out below. The Euro was the currency against which the US Dollar performed most strongly.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.19%	0.14%	0.14%	0.05%	-0.15%	-0.22%	0.10%
EUR	-0.19%		-0.04%	0.00%	-0.10%	-0.32%	-0.42%	-0.09%
GBP	-0.14%	0.04%		0.02%	-0.09%	-0.28%	-0.37%	-0.04%
JPY	-0.14%	0.00%	-0.02%		-0.10%	-0.30%	-0.38%	-0.07%
CAD	-0.05%	0.10%	0.09%	0.10%		-0.19%	-0.28%	0.05%
AUD	0.15%	0.32%	0.28%	0.30%	0.19%		-0.08%	0.24%
NZD	0.22%	0.42%	0.37%	0.38%	0.28%	0.08%		0.33%
CHF	-0.10%	0.09%	0.04%	0.07%	-0.05%	-0.24%	-0.33%

Percentage movements between major currencies are displayed in the heat map. Select the base currency in the left-hand column and the quote currency in the top row. For instance, choosing the US Dollar on the left and following its row across to the Japanese Yen gives the percentage change for USD (base)/JPY (quote) in the corresponding cell.