Dollar Index Technical Analysis: DXY is charting a head-and-shoulders pattern

• The dollar index (DXY) is charting a head-and-shoulders pattern with the neckline support of 96.36, having witnessed a bearish divergence of the hourly relative strength index(RSI) and a lower highs pattern earlier this week, the hourly chart indicates.
• A break below 96.36 would confirm a short-term bullish-to-bearish trend change and would open the doors to 200-hour moving average (MA), currently located at 95.97.

Hourly chart

Spot Rate: 96.56

Daily High: 96.66

Daily Low: 96.50

Trend: bearish below 96.36

Resistance

R1: 96.77 (previous day's high)

R2: 96.98 (Aug. 15 high)

R3: 97.87 (61.8 percent Fib retracement of 103.82/88.25)

Support

S1: 96.54 (100-hour moving average)

S2: 96.41 (support as per the hourly chart)

S3: 96.36 (neckline support)​​​​​​​​​​​​​​