US Dollar Index Price Forecast: Stays above 102.00 following break above nine-day EMA

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

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

With DXY trading above its nine- and 50-period Exponential Moving Averages (EMAs), the short-term outlook remains bullish and underlying buying interest continues to support the wider uptrend. Momentum also remains positive without appearing overbought, as the 14-day Relative Strength Index (RSI) stands 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 move towards the 18-month high of 102.94, set on 14 October, remains possible for DXY, with the channel’s upper boundary at 104.50 the next potential target.

Initial support for the US Dollar Index may emerge at the nine-day EMA of 101.93, ahead of the ascending channel’s lower boundary around 101.70. Below that, the 50-day EMA at 101.11 offers further support. Should the index fall below this medium-term moving average, renewed downward pressure would bring the area around the five-month low of 98.56, recorded on 20 August, into view.

Chart Analysis Dollar Index Spot — US Dollar Index Holds Its Uptrend on the Daily Chart

Dollar gains support as Fed policy and energy prices return to focus

A firmer start to the week for the Dollar reflects renewed attention to supportive policy and energy-market 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, the combination of more stable risk appetite and 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 Records Its Strongest Performance Against the Euro Today

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 the 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 that row across to the Japanese Yen gives the percentage change for USD (base)/JPY (quote) in the corresponding cell.