Automatic wave scan: as of 21 Oct 2026, the automatic daily count for US Dollar Index is Wave 5 down with a bearish bias. The count stays valid while price holds 102.95.
Current US Dollar Index wave count
Automatic wave scan Updated daily from the latest daily close (21 Oct 2026). Computer generated from swing highs and lows, not reviewed by an analyst.
Automatic scan: price is in wave 5, the final leg of a five wave decline that began at 101.64 on 28 Jul 2026. Next levels to watch are 101.07 and 100.51. The count fails on a daily close above 102.95.
Key levels
| Type | Levels |
|---|---|
| Resistance | 102.95 · 101.80 |
| Support | 98.60 · 99.86 |
| Invalidation | 102.95 |
What is US Dollar Index?
The index was created in 1973, after the end of the Bretton Woods system, with a starting value of 100. It compares the US dollar with the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc.
The euro has by far the largest weight, at about 57.6 percent. This means the DXY often moves as a mirror image of EUR/USD. The index is traded as a futures contract on ICE Futures US.
What moves the US Dollar Index price?
- Federal Reserve policy: Higher expected US rates usually lift the dollar index.
- US economic data: Strong jobs and inflation figures tend to support the dollar.
- Global risk mood: The dollar often rises in crises as investors seek safety.
- Euro area outlook: Because of the euro's weight, ECB policy has a big effect on the index.
How US Dollar Index moves in Elliott Wave terms
The DXY moves in long cycles that can last several years, such as the rally from 2011 to 2022. These cycles often break into clear five-wave and three-wave patterns on weekly charts. Many traders use the DXY count as a master guide for all dollar pairs.
If the DXY is in a wave 3 up, most dollar pairs should be trending in favor of the dollar. A mismatch is a warning that one of the counts may be wrong.
Tips for counting US Dollar Index waves
Check the DXY count before trading any major dollar pair. Use the weekly chart to frame the larger cycle.
US Dollar Index key facts
US Dollar Index Elliott Wave FAQ
What currencies are in the DXY?
The euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc.
Why does the DXY move opposite to EUR/USD?
The euro makes up about 57.6 percent of the index, so when the euro rises against the dollar, the index usually falls.
What does a DXY reading of 100 mean?
It means the dollar is at the same average value against the basket as in March 1973, when the index started.
Sources and further reading
- U.S. Dollar Index futures (ICE)
- U.S. Dollar Index (Wikipedia)
- Federal Open Market Committee (Federal Reserve)
Educational content only. Nothing on this page is financial advice or a recommendation to buy or sell. Trading involves risk and you can lose money. Elliott Wave counts are probabilities, not certainties. Read our full disclaimer and affiliate disclosure.
