- The DXY extends the consolidation below 91.00 on Wednesday.
- A deeper pullback could see the 2020 lows revisited.
The US Dollar Index (DXY) is trading within a consolidation range below the key 91.00 barrier on Wednesday.
Occasional attempts to break out of the range are expected to encounter interim resistance near 91.40, where the nine-month line (resistance) lies ahead of the Fibonacci level at 91.92. Above this region, the downward pressure is expected to ease somewhat.
As long as the DXY trades below the 200 SMA today at 95.73, the negative view is forecast 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.
