Fall could extend to 93.80 zone

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  • The DXY flirts with the 100-day simple moving average at the 94.60 region on Friday.
  • The next containment zone appears in the 93.80 area.

The dollar remains under downward pressure, dragging the US dollar index (DXY) to new two-month lows around 94.60 at the end of the week.

If the downward pressure accelerates, then the next point of contention should emerge around 93.80, when the Federal Reserve announced at its meeting the start of reducing the buy program. If this level is cleared, the next support is seen at the October low at 93.27 (October 28, 2021) ahead of the critical 200-day SMA, today at 93.12.

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Looking at the bigger picture, the long-term positive stance remains unchanged as long as the DXY remains above the 200-day SMA.

DXY day chart

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