A move to 91.00 is not ruled out

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  • DXY resumes higher after Tuesday’s negative close.
  • The uptrend is expected to continue to reach 91.00.

After bottoming out at new lows near 89.20 early in the new year, the dollar found buyers and extended the move to the 90.70 zone earlier in the week.

If the bullish attempt becomes more sustainable, there is a possibility of a move to the weekly high in the 91.00 region (Dec 21). Above this level, the prevailing downward pressure is expected to ease somewhat.

Long-term, as long as the DXY trades below the 200-day Simple Moving Average (SMA), today at 94.59, the negative view is forecast to prevail.

DXY day chart

DXY

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