US Dollar Index Technical Analysis: DXY jumps to 97.70 on Fed’s comments

DXY daily chart

• The US Dollar Index (DXY) is trading in a bull trend above its main simple moving averages (SMAs).
• The market reversed earlier losses on the back of comments from Fed’s Powell.

DXY 4-hour chart

• DXY is trading above the 100 and 200 SMA suggesting bullish momentum in the medium term.

DXY 30-minute chart

• DXY is trading below its 200 SMA suggesting a potential sideways market in the short-term. 
• Bulls will need to overcome 97.70 and 97.90 to the upside. 
• Support is seen at 97.50 and 97.20 level.

Additional key levels