US Dollar Index Price Forecast: Can it maintain its hold above 102.00 after clearing the nine-day EMA?

Further gains in the United States Dollar Index could take it towards its 18-month high of 102.94.
Positive momentum remains short of overbought territory, with the 14-day Relative Strength Index near 60.
At 101.93, the nine-day EMA provides the nearest support.

Extending its advance for a third consecutive day, the US Dollar Index (DXY) is hovering around 102.20 in Tuesday’s European trading session. The index tracks the US Dollar (USD) against a basket of six major currencies.

Trading above both its nine- and 50-period Exponential Moving Averages (EMAs), DXY retains a bullish near-term outlook, with underlying buying interest supporting the broader uptrend. Momentum remains positive without entering overbought territory, 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 continue to broadly favour the dollar’s rise.

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An ascending channel remains intact on the daily chart, pointing to a continued bullish bias for the dollar index. A move towards 102.94, the 18-month high touched on 14 October, may be followed by a test of the channel’s upper boundary at 104.50.

For the US Dollar Index, initial downside support may emerge at the nine-day EMA of 101.93, ahead of the ascending channel’s lower boundary near 101.70. The 50-day EMA at 101.11 offers the next support level. Should the index slip below this medium-term moving average, selling pressure would leave it looking towards the five-month low of 98.56 recorded on 20 August.

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Are Fed policy and energy prices strengthening support for the Dollar?

ING strategists describe a stronger start to the week for the Dollar, saying 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, alongside continuing support from policy expectations 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.)

How Is the US Dollar Performing Today?

The US Dollar’s strongest performance today was against the Euro. The table below sets out today’s percentage changes in the US Dollar (USD) against the major currencies listed.

	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.