- The DXY index extends the pessimism seen at the beginning of the week.
- Further consolidation is expected in the very short term.
The US Dollar DXY Index continues to retrace Monday’s advance near the key 93.00 barrier and returns to the 92.50 region during Tuesday’s European session, coinciding with the 10-day SMA.
In light of recent price action, further consolidation should not be ruled out. That being said, immediate resistance is at the recent highs around 92.90, while the 92.30 region should support the initial test on the downside.
Meanwhile, and looking at the bigger picture, the constructive stance on the dollar remains unchanged as it moves above the 200-day SMA, today at 91.38.
US Dollar Index DXY Daily Chart
US Dollar Index DXY Technical Levels
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