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Additional losses expected below 92.70

  • The DXY index extends the slide to multi-week lows near 92.70.
  • Below this region is a Fibonacci level at 91.92.

The DXY index accelerates downward movement after the recent breakout of key support at the 93.00 round level, hitting fresh multi-week lows in the 92.70 / 65 region.

A deeper pullback now threatens to drag the DXY index below 92.00, where it is a Fibonacci level from the 2017-2018 dip. If sellers remain in control, then a visit to the 2020 low at 91.74 (Sep 1) should be the bearish target.

As long as the DXY index remains below the 200-day SMA, today at 96.77, the negative view on the dollar is expected to persist.

US Dollar Index DXY Daily Chart

DXY

US Dollar Index DXY Technical Levels

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Credits: Forex Street

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