Weekly Technical Outlook Summary

Author: Michael Boutros, Sr. Technical Strategist

Date: February 17, 2026

Overview

This article provides a technical analysis of key financial instruments including the US Dollar Index (DXY), various currency pairs, commodities like oil and gold, and major equity indices. The analysis focuses on critical support and resistance levels as well as upcoming economic events that could impact market movements.

US Dollar Index (DXY)

The DXY has shown a rebound from significant support levels at 96.48/65, which includes the 61.8% retracement of the late-January advance. A rally of approximately 1.1% is currently underway, with immediate resistance at 97.88. A close above this level could indicate a more substantial trend reversal, while a drop below 96.48 would suggest a continuation of the downtrend.

Crude Oil (WTI)

Oil prices are testing pivotal support at 64.44-62.07, a critical zone defined by previous highs and lows. A break below this support could signal a more significant correction, with subsequent support levels at 60.45 and 59.35. Resistance is noted at 66.08/39, and a breach above this could indicate a resumption of the uptrend.

Upcoming Economic Events

Key economic data releases to watch include the Federal Reserve minutes and the US Personal Consumption Expenditures (PCE) report, which are expected to influence market sentiment and trading strategies in the coming week.

Conclusion

The analysis highlights critical levels for traders to monitor in the USD majors, commodities, and equity indices. The focus remains on the potential for a breakout in the DXY and the implications for oil prices as they test key support levels. Traders are advised to stay alert for upcoming economic data that could impact market dynamics.

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