US Dollar Index Price Analysis: Further retracement likely


  • DXY gives away further ground below the 92.00 yardstick.
  • Further selling could drag the index to the mid-91.00s.

DXY remains under pressure, although sellers remain unable to drag the index further south of the 91.80 region so far.

Further decline still appears on the cards in the current context, however, with the next support coming in at the 91.50 region (June 23 low). This contention zone is reinforced by the proximity of the 100- and 50-day SMAs.

In the meantime, and looking at the broader scenario, the positive stance on the dollar is expected to remain unchanged as long as the index trades above the 200-day SMA, today at 91.33.

DXY daily chart

 



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