Additional losses still on the table

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  • The DXY gives away initial earnings and is now fighting around 95.90.
  • There is still room for another move in the mid 95.00.

The bullish attempt of the US Dollar Index (DXY) seems to have found initial resistance at the 96.10 / 15 area midweek.

The inability of the dollar to regain bullish traction in a sustainable manner in the very near term could trigger another episode of weakness and the subsequent visit to the recent lows around 95.50.

In the meantime, if it is above the 2-month support line (far from the September low) near 94.10, further gains from the DXY remain well on the table. Furthermore, the broader constructive stance remains supported by the 200 SMA at 92.50.

DXY daily chart

Technical levels

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