- The DXY remains on the defensive and closer to the 89.00 level.
- The next prominent target appears at 88.94, the low of March 2018.
The pessimism surrounding the dollar remains firm and solid into early 2021, with the US dollar index (DXY) falling to new lows at the 89.20 zone on Wednesday.
The outlook for the dollar remains negative, and more declines are seen, to challenge the support of 89.00 before the March 2018 low at 88.94.
The downward pressure is expected to ease somewhat from a break from the weekly high in the 91.00 region (Dec 21).
Long-term, as long as the DXY trades below the 200-day SMA today at 94.85, the negative view is expected to prevail.
DXY day chart
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
