Increase the odds of a move to 91.70

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  • The DXY index briefly breaks below the key support of 92.00 on Wednesday.
  • Lower down are the yearly lows near 91.70 (September 1).

The DXY index appears to have found initial support at the 91.95 / 90 region, where it finds a Fibonacci retracement from the 2017-2018 dip.

The short-term outlook remains bearish, leaving the door open for deeper pullbacks. That said, the next target of relevance is at the 2020 low of 91.74 reached on Sept. 1, before targeting the May 2018 lows near 91.80.

In the short term, downward pressure is expected to ease slightly in a move above the weekly highs of 93.20 (Nov 11). However, as long as the DXY index remains below the 200-day SMA today at 96.10, the negative view is expected to persist.

US Dollar Index DXY Daily Chart

DXY

US dollar DXY index technical levels

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