Dollar Index Technical Analysis: This lagging indicator has turned bullish for the first time since 2001

• The 100SMA and 200SMA have produced a bullish crossover for the first time since 2001, the monthly chart of the dollar index (DXY) shows.
• The long-term MA crossovers are widely considered as lagging indicators and tend to work as contrary indicators in the short-term.
• Meanwhile, on the hourly chart, the DXY has built a base around 95.00 for a convincing move toward the immediate resistance of 95.74 (September high). The hourly RSI is also aligned in a more bull friendly manner.

Hourly Chart

Spot Rate: 95.32

Daily High: 95.34

Daily Low: 95.26

Trend: Bullish

Resistance

R1: 95.37 (previous day's high)

R2: 95.74 (Sept. 4 high)

R3: 96.98 (Aug. 14 high)

Support

S1: 95.00 (previous day's low)

S2: 94.70 (100-day moving average)

S3: 94.43 (Aug. 28 low)